All ten current Formula 1 teams have signed the new Concorde Agreement, which will run between the 2021 and 2025 seasons.
The current agreement is set to run out at the end of the current campaign and there have been extensive talks between the FIA, Formula 1, and the teams about the new plan for the sport. Coupled with the changes to the technical regulations, this new agreement should see the on and off track disparities reduce, aiding closer racing amid a more level playing field for all entrants.
There had been doubts about some of the teams, most notably Mercedes AMG Petronas Formula One Team and Haas F1 Team, about their plans for the future, but both teams have now signed the new agreement to confirm their presence in Formula 1 for at least the next five years.
The McLaren F1 Team, Scuderia Ferrari and Williams Racing were the first to announce that they had signed the new agreement, with Chase Carey, the Chairman and CEO of Formula 1, welcoming the news that all ten current teams had inked their signatures on it.
“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way,” said Carey.
“We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium. The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”
Jean Todt, the President of the FIA, says that with all ten teams signing the new Concorde Agreement means for a more stable future in Formula 1, and it opens up a ‘more sustainable, fair and exciting competition’ in the upcoming seasons.
“The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship,” said Todt.
“Over its seventy year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.
“During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1’s stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”