15
9月

Concorde Agreement Details

Only the “details” of the new contracts with Formula 1 still need to be defined before the best teams like Red Bull sign up for 2021 and. Ferrari`s argument for special treatment is obvious and can be summed up in fanfare parts of its announcement that it has signed the new agreement: “The only team to have participated in the World Cup every year”, with a community of supporters of “more than 400 million worldwide”, and during a race on local soil in Mugello in a few weeks, “will be the first team, which has reached the milestone of participation in 1000 Grands Prix”. Ferrari, McLaren and Williams announced on Tuesday their support for the revised race conditions, with the other seven manufacturers now following. The agreement aims to achieve fairer price sharing. “The conclusion of the new Concorde agreement between the FIA, Formula 1 and the current 10 teams ensures a stable future for the FIA Formula 1 World Cup,” said Todt. Formula 1 is now entering the “final phase” of negotiations on new trade agreements that bind teams to the sport beyond 2020. This is the message of. The new agreement is a big step in the right direction for healthier sport, and while the teams are all contributing to it, Liberty deserves real recognition for the opportunity to do so. The terms of the Concorde agreement are confidential, but some important details are known.

Excessive special payments for several teams are over, with the exception of the reduction of Ferrari`s bonus for Ferrari. “The agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019, which will come into force in 2022, will reduce financial and differentiated inequalities between teams, help improve the conditions of competition and tighten racing on the course, which fans want to see more of.” The contractual terms remain largely confidential, although its well-known provisions required the signatory teams to show up and compete at each race and guaranteed their right to do so to assure the newly acquired public of the sport that they would have a race to watch. Perhaps most importantly, the agreement gives the BAZL the right to broadcast Formula 1 races on television – this right has been “leased” to Formula One Promotions and Administration, a company founded by Bernie Ecclestone and owned by Bernie Ecclestone. Another important element was the stability of the rules, described as the protection of the teams against “the corporals of the board of directors”. [2] “This is an important deal for Formula 1 and while the details are confidential, it offers stability and continuity for the future, so we are happy to take it above the line,” Horner said. Such a deal sweeps away speculation that some teams, like Mercedes, could not stay. The agreement is, among other things, a commercial document that sets out how television revenues and Formula 1 prices are to be distributed – and which are expected to expire at the end of the year. . . .