Concorde Agreement F1: Formula 1 has announced the Concorde Agreement has been signed by all the teams, including Mercedes.
After a lot of jostling and verbal duels between Mercedes and other teams like McLaren and Ferrari, they have finally given in and signed the Concorde Agreement. Yesterday, Ferrari, Mclaren and Williams announced they had signed the agreement. Today, F1 delivered an official statement confirming all the teams have followed suit.
What if F1 Concorde Agreement ?
“The agreement will secure the long-term sustainable future for Formula 1. Combined with the new regulations, announced in October 2019 that come into force in 2022, will reduce the financial and on track disparities between the teams, helping to level the playing field, creating closer racing on the track that our fans want to see more of.
“With closer racing we will attract more fans to our sport, benefiting every team. This will continue to increase the global growth of Formula 1.”
Concorde Agreement signed by all 10 F1 teams. And by the early deadline. Incredible scenes, in a rare display of togetherness.
Should boost morale and share price.
Next on the agenda, calendar announcement on the final 2020 races.
— Ben Hunt (@benjhunt) August 19, 2020
Chase Carey delighted with the agreement
The F1 CEO had been in discussions with Mercedes, and expressed happiness at the contract being signed. Mercedes had issues pertaining to Ferrari getting the largest share of the revenue pie. There were also rumors doing the rounds that Mercedes will exit F1 by not signing the Agreement. Carey expressed confidence that this new agreement will allow for better wheel-to-wheel racing.
“All our fans want to see closer racing, wheel to wheel action. 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.”