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Sep.24 (GMM) Daimler has added an official denial to reports that Mercedes’ works team could be sold to a major sponsor for $900 million. The claim had been made by former F1 team owner Eddie Jordan, who told Ziggo Sport he is “absolutely sure” Mercedes will be bought by Ineos. Jordan also said it was…
Read More »Sep.24 (GMM) Honda will make no further performance upgrades to its 2020 engine this season. The Japanese marque’s F1 boss Masashi Yamamoto said the decision is due to “regulation changes” in the wake of the corona crisis. “We cannot introduce the updated specifications as easily as we did last year,” he told as-web.jp. “We have…
Read More »Sep.24 (GMM) Red Bull did not support Toto Wolff’s attempts to delay the signing of the 2021 Concorde Agreement. That is the admission of Dr Helmut Marko, after Mercedes boss Wolff and every other team ultimately signed up. But it followed reports that Wolff was asking his fellow team bosses to delay the signing pending…
Read More »Sep.24 (GMM) Moving to Aston Martin for 2021 will give Sebastian Vettel a “boost”, according to Robert Kubica. The Pole, who lost his Williams seat at the end of last year and is now a DTM racer and Alfa Romeo reserve, said Vettel’s Ferrari demise is simply the way of Formula 1. “It can be…
Read More »Sep.28 (GMM) Toto Wolff on Sunday said he still isn’t sure what official role he will have in 2021. In recent days, weeks and months, there has been constant speculation that the highly successful Mercedes team boss could be on the verge of quitting. Some believe he was holding out to succeed F1 CEO Chase…
Read More »Sep.24 (GMM) Gian Carlo Minardi has backed drivers who suspect Formula 1 is putting “the show” above safety. After Mugello, the scene of a dangerous safety car re-start pile-up, drivers including Lewis Hamilton wondered if the sport hadn’t tweaked the rules in order to spice up the entertainment factor. “I don’t like this Formula 1…
Read More »Sep.24 (GMM) The first offering of the 13,147 tickets for November’s F1 race at Imola quickly sold out. It is the latest piece of good news as Formula 1 begins to put the ‘corona crisis’ in the past and welcomes limited spectators back to the circuits. “The numbers for the start of the pre-sale are…
Read More »Sep.23 (GMM) F1 is beginning to put its ‘corona era’ in the past, as spectators rush to buy tickets for forthcoming races. After announcing that local approval had been given for the sale of 20,000 tickets per day for its October race, organisers at the Nurburgring revealed that the first 5,000 tickets sold out in…
Read More »Sep.25 (GMM) Gunther Steiner has played down rumours Haas could be about to team up with Renault. The speculation follows Renault boss Cyril Abiteboul admitting that potential team partners “are interested in talking to us again”. Haas’ current technical partner, Ferrari, is notably struggling in 2020. But boss Steiner said at Sochi: “We are not…
Read More »Sep.24 (GMM) The next F1 supremo is a “good man”, according to Bernie Ecclestone. 89-year-old former F1 CEO Ecclestone was ousted by his successor Chase Carey in 2017 in the wake of Liberty Media’s acquisition of the sport. Ecclestone and Carey never got along. But when asked about news that Carey is expected to be…
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Formula 1 Update:
F1 Changes Starting in 2021 - After many months of discussions and deliberations, Formula 1’s ten teams have now agreed to the terms of the “Concorde Agreement” that binds them to the world championship for another five years.
This agreement is a contract between Formula 1, the FIA governing body and the teams which wish to compete in the F1 World Championship from 2021 to 2025 and defines how F1’s television revenues and prize money will be distributed.
Formula 1 bosses have been keen to build a strong foundation on which to secure the long-term future for the championship. As such a revolutionary new budget cap will be introduced next year, along with new technical regulations and a new set of sporting rules coming in 2022.
The Covid-19 pandemic has created unprecedented challenges for everyone in 2020, and has served as another reminder that something needed to change. Once the championship restarted, so too could the commercial agreement talks.
By changing the way the prize money is distributed, it was inevitable that some teams would be happy – as they would receive a greater share – and others less so, as they would have a smaller slice.
But ultimately, as they have increasingly done in recent months, all the stakeholders found a way to come together and compromise on the document, which they agreed to in time for the early deadline of August 18th – which brought a small financial incentive.
With the 10 teams signed up for the next five years, and the regulations and cost cap defined, Formula 1 can finally embark on a new era. The new agreement also squashes any speculation that teams like Mercedes or Haas might not be around for the long term.
The hope now is that all F1 teams can develop themselves into robust operations financially while also closing the pack in terms of competitiveness that can in turn improve the racing spectacle.
Roll on 2021!