Ferrari, McLaren and Williams all confirm signing of new Concorde Agreement
- Published on 19 Aug 2020 13:35
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- By: Coilin Higgins
Ferrari, McLaren and Williams have all confirmed that they have signed the newly proposed Concorde Agreement, which will run until the end of 2025.
The agreement, which binds all ten teams with the FIA and Liberty Media, was due to hit its deadline on Tuesday but was delayed until the end of August after some reservations were made by Mercedes and Racing Point.
It is understood that the newly-proposed agreement hopes to address the issue of financial inequality within the sport, with use of a more level distribution of revenue and a budget cap, all proposed to come into force next year.
McLaren was the first team to confirm the signing on Tuesday, with CEO Zak Brown commending Liberty Media for its intentions to help the sport financially with the new initiatives.
“This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans,” Brown said.
“A more equitable sport is better for everyone: greater balance in the sharing of revenues among all the teams and clearer, simpler governance that cuts through vested interests and puts the sport first. This agreement will only make the F1 constructors collectively stronger in the long term.
“The new agreement complements and builds on the great work of F1, the FIA and all the teams during the past few months on the future financial, technical and sporting regulations.
"Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula 1 for future generations, which in turn secures a healthy sport for both participants and fans alike.”
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