Formula 1 and the FIA has confirmed that all ten teams have agreed to sign the new Concorde Agreement, which will lead to a more sustainable future for the sport.
With the COVID-19 pandemic creating huge uncertainty in all global industries, extensive discussions between teams, Formula 1 and the FIA have largely focused on the new regulations that come into force in 2022, in particular with the aim of reducing the financial and on track disparities between the teams and helping to level the playing field.
— FIA (@fia) August 19, 2020
“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way,” said Chase Carey, Chairman and CEO, Formula 1. “We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.
“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 closes the gaps between teams on the race track.”
The disparity between the big manufacturer teams at the top of the grid and the smaller privateer teams at the bottom over recent years has been one of biggest taking points, and a revised cost cap has therefore been finalised to further help level the playing field.
“The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship,” added Jean Todt, President of the FIA. “Over its seventy-year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.
“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 to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”