All the 10 teams of Formula 1 have agreed to the new “Concorde Agreement”. This Wednesday, Formula One announced that each team on the grid has agreed finally to a combined five-year commercial deal from 2021 which will make sure F1’s sustainability in the near future and will create closer racing.
Highlights:
- F1 revealed every team had agreed to a five-year commercial deal.
- The deal will be GO-Live from 2021 to ensure F1’s “sustainable future”.
- Formula One announced it on Wednesday.
The organizers of Formula One and FIA (F1’s governing body) had confirmed the statement for the new agreement which will be applicable from 2021. The agreement will secure a long-term “sustainable future” for Formula 1.
Formula 1 boss “Chase Carey” comments:
Chase Carey boss of F1 said that all our fans want to see the racing closely, wheel to wheel action and each team will get the chance to be on the podium.
This new “Concorde Agreement”, taking care of the regulations for 2022 will put in the place collectively to make this work and create an environment for everyone that will be both financially fair and also close the gaps between teams on the race track.
FIA President comments:
Jean Todt, president of FIA said that in this time of “unprecedented global challenges” from the COVID-19 pandemic, he was proud of all the sport’s stakeholders who had worked together.
The announcement made on Wednesday did not look remotely possible, earlier this month “Mercedes” the world champions said they were not prepared to sign the agreement.
The deal got green light only after the German constructor takes his words back and announced that they were on board after changing their minds last weekend in Spanish Grand Prix held in Barcelona.
Toto Wolff stands by his team:
Toto Wolff, chief of the team conveyed that they had accepted that in past it was impossible for them to be united and so this singular approach would be the best option to be on track.
He also mentioned that everyone tries their best to achieve some small deals and there’s a blame culture which media follows, therefore we decided to move forward with liberty.
Closer racing will definitely attract more fans to cheer up the sport and will also benefit all the team.
This agreement is named after a place “de la Concorde” in Paris where the first deal between the teams was completed in 1981.
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