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Mar.17 (GMM) Honda says it would not have taken part in the Australian GP. Ultimately, the race weekend was cancelled at the eleventh hour over the coronavirus crisis. But Red Bull’s Dr Helmut and Christian Horner said the team was ready to race. However, works engine partner Honda’s F1 boss Masashi Yamamoto has revealed to…Read More »
Mar.18 (GMM) Chase Carey has admitted that, amid the ongoing global coronavirus crisis, he isn’t sure when the 2020 season will get underway. That is despite the fact that reports are doing the rounds that suggest F1’s authorities are now busily working on a ‘plan B’ calendar. Italy’s La Gazzetta dello Sport says a video…Read More »
Mar.19 (GMM) Formula 1 is set to jump aboard the world of virtual racing. On the face of it, this has already happened in the form of the official F1 Esports Series, which has raced since 2017 starring top gamers. But it was only after Melbourne was cancelled did F1’s wider fan-base embrace the full…Read More »
Mar.20 (GMM) Although Zandvoort, Barcelona and Monaco’s 2020 race dates will no longer take place as scheduled, only the latter historic street race has been cancelled altogether. “As soon as the new date of the grand prix is confirmed, all spectators will be informed about the available options,” organisers of the Spanish GP said. Dutch…Read More »
Mar.23 (GMM) Max Verstappen has counted himself out of the new official virtual F1 series. The Dutchman is an avid gamer, taking part in one of the high-profile unofficial replacement events for the postponed Australian GP. But although earlier named as a contender, Verstappen did not take part in the online replacement events for Bahrain,…Read More »
Mar.25 (GMM) F1 will be lucky to organise an 11-round world championship in 2020, according to former driver Marc Surer. “22 races were planned, but if we have eleven by the end of 2020, we can count ourselves lucky,” he told Speed Week. Actually, Ross Brawn recently said he is hoping for a 17 or…Read More »
Mar.27 (GMM) In terms of health, McLaren has managed to emerge unscathed from the Melbourne coronavirus scare. As well as the positive coronavirus infection that caused the cancellation of the Australian GP, over a dozen other McLaren team members have also been stuck in quarantine in Melbourne. “It was not easy for anyone on our…Read More »
Mar.31 (GMM) Negotiations over the 2021 Concorde Agreement have been put on ice. Talks about the expiring deal, which crucially regulates the distribution of income and the governance structure, were on track when the coronavirus pandemic struck. Suddenly, there are no races and F1’s NASDAQ share price has slumped. “Before any team signs up for…Read More »
Apr.6 (GMM) Toto Wolff says he is staying in charge of Mercedes’ works F1 team for “the short term”. The Austrian has been linked strongly with Lawrence Stroll’s Aston Martin project, amid rumours Wolff has fallen out with new Daimler boss Ola Kallenius. But he told Osterreich newspaper: “In most of the stories I read…Read More »
Apr.9 (GMM) One way through the coronavirus situation for Formula 1 may be midweek races. That is the view of Jan Lammers, chief spokesman of the postponed Dutch GP at Zandvoort. With nine grands prix postponed or cancelled so far, F1 is scrambling to put together an alternative schedule for the second half of the…Read More »
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!