New Concorde Agreement Details

Ferrari`s argument for special treatment is obvious and can be summed up at best by glorious parts of its announcement that it has signed the new contract: «The only team that has participated in the world championship every year», with a community of fans of «over 400 million worldwide», and during a race on national soil at Mugello in just a few weeks , «the first team that has reached the milestone of having participated in 1000 Grand Prix».» On July 29, 2008, the ten participating teams created the Formula One Teams Association (FOTA) to negotiate the terms of the contract. After a dispute between FOTA and the FIA in the first half of 2009, Mosley and all the teams signed a new Concorde contract, although Sauber, who was the majority owner of BMW in transition, had announced shortly before his retirement from the sport at the end of the season, so was waiting for a control of the team to be returned to Peter Sauber before signing. The new agreement provides for the continuation of the terms of the 1998 agreement and will continue until 31 December 2012. At the same FIA World Motor Sport Council meeting, a resource limitation programme was approved, as well as a series of revised sports and technical rules for the 2010 season. [11] In an FIA statement, the FIA and Formula 1 can confirm today that all 10 teams have approved the new Concorde agreement. It has been preceded by in-depth discussions over the past 12 months with all teams, Formula 1 and the FIA. On August 18, 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde contract,[21][21] while the following day, Formula 1 announced that the other teams had also signed the contract. [23] The new agreement, which was the first to be concluded under the new owner Liberty Media, is valid for seasons 2021 to 2025 and will come into effect on January 1, 2021. The terms of the Concorde agreement are confidential, but some important details are known. No more excessive special payments for several teams, with the exception of the reduction of Ferrari`s bonus for Ferrari. «We are pleased to have reached an agreement between the 10 teams by August on plans for the long-term future of our sport,» said Chase Carey, F1 CEO.