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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.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.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…
Read More »Sep.25 (GMM) Max Verstappen says he hopes Honda stays in Formula 1 beyond 2021. That is despite the fact that the Dutchman suffered two consecutive Honda-related problems at Monza and Mugello, and afterwards wrote off his championship hopes. “Of course that was not positive, but our relationship is still good,” said the Red Bull driver,…
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.25 (GMM) Fernando Alonso claims Formula 1 is “the most boring” category in the world of motorsport. The Spaniard has spent a two-year sabbatical racing at Le Mans, the Dakar Rally and the Indy 500, but has elected to return to F1 next year as Renault comes Alpine. The 39-year-old said in an interview earlier…
Read More »Sep.25 (GMM) Daniil Kvyat has played down concerns about the presence of spectators this weekend at Sochi. Sebastian Vettel has travelled to Russia contrary to the official advice of the German government, as the number of covid infections in the country has grown from under 5000 per day a month ago to almost 7000 today….
Read More »Sep.25 (GMM) Michael Schumacher cannot speak, according to Flavio Briatore’s former wife. Briatore, who was the F1 legend’s boss at Benetton, and Italian model and TV personality Elisabetta Gregoraci divorced in 2018. Gregoraci is currently taking part in the Italian version of Big Brother. When asked by a fellow housemate about the health condition of…
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.25 (GMM) Lewis Hamilton expects Formula 1 to try to stop him from repeating the kind of activism that he took onto the podium and official FIA press conference last time out at Mugello. “I did something that has never really happened in F1 and obviously they will stop it moving forwards,” said the six-time…
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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!