Federation Internationale de Automobile (FIA) have announced that all Formula One teams have agreed a new Concorde Agreement, which will cover 2021-25 seasons.
Following yesterday’s announcement that Ferrari, McLaren and Williams have signed the new contract, the FIA has since announced that the seven remaining teams including; Mercedes, Red Bull and Haas have all added their names to the agreement.
This will be the eighth Concorde Agreement and replaces the current deal which was completed in July 2013, despite delays in agreeing terms due to the Coronavirus pandemic in the opening half of 2020.
Speaking on the completion of the latest Concorde Agreement, FIA President, Jean Todt said; “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all of the current teams assures a stable future for the FIA Formula One World Championship.
Todt also spoke of how everyone in F1 has united during the Coronavirus pandemic, saying; “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…”
F1 Chairman and CEO, Chase Carey meanwhile spoke of a desire to see more competitive racing, saying; “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 close the gaps between teams on the race track.”
Confirmation of this deal comes months after World Motorsport Council approved a variety of regulation changes from provision for Free Practice Two to be used for tyre testing in event of a wet FP1 to a new budget cap.
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