Formula 1: New agreement means closer and better racing
Search Driven for vehicles for sale
Mercedes boss Toto Wolff says the finalised Concorde Agreement represents the “biggest transition F1 has ever seen” as new rules aim to level the playing field in the coming years.
Last week it was announced all 10 teams on the grid had agreed to a crucial five-year deal from 2021 which guarantees the motorsport’s “sustainable” future and is designed to usher in a new era of closer and more unpredictable racing.
The agreement deals with commercial arrangements between teams, governing body the FIA and F1, and includes stipulations around things like prize money and broadcast revenue distribution.
A budget cap to close the gap between rich teams and the rest is a key foundation of the new Concorde Agreement, while so too are updated technical regulations.
Mercedes was the last team to sign but despite its initial hesitation, Wolff is excited about what the deal means for the future of the sport.
“We have always said that we wanted to stay in F1, so the agreement wasn’t necessarily all that surprising,” Wolff said. “But we’re happy that we could bring the negotiations to a positive conclusion.
“We are committed to our sport and we’re looking forward to the upcoming years which will see the biggest transition F1 has ever seen.
“This will reward agile, open-minded teams who can adapt successfully to the demands of the new rules.”
Mercedes was holding out on joining the other nine teams in agreeing to the new terms, reportedly because it didn’t think its contribution to the sport in recent times had been recognised.
However, the Silver Arrows backflipped and put pen to paper after changing their mind at the Spanish Grand Prix in Barcelona following “very constructive discussions” with F1 CEO Chase Carey.
Wolff explained they had accepted that it was impossible for the teams to be united — and so a pragmatic and singular approach would be best as
“Everybody tries to achieve some little deals outside. There’s a blame culture in the media so we’ve decided to move forward with Liberty,” Wolff said.
FIA president Jean Todt said that in a time of “unprecedented global challenges” from the coronavirus pandemic he was proud of how the sport’s stakeholders had worked together.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium,” added F1 boss Carey.
“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 racetrack.”
Carey said sealing the deal set the scene to “work together to ensure F1 is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport”.