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Apr.14 (GMM) Toto Wolff says F1 should consider adding a second race in China to the F1 calendar. This weekend’s event in Shanghai marks the 1000th grand prix in the history of the modern world championship. Wolff says it is a good country for F1 races. “Formula E has two races in China, so why…Read More »
May 26 (GMM) Kevin Magnussen says he doesn’t want to be “best of the rest” for his entire Formula 1 career. “I will only race in Formula 1 as long as I believe I can become world champion,” the Dane told BT newspaper. Magnussen, who drives for the small American team Haas, is indeed ‘best…Read More »
Aug.13 (GMM) Mattia Binotto says Ferrari will head into 2020 with an unchanged driver lineup. There has been high speculation about the future of Sebastian Vettel, with the latest theory being that he could return to Red Bull next year. Indeed, German Vettel gives himself just five out of ten for his first half of…Read More »
Aug.22 (GMM) Charles Leclerc has hailed five time world champion Lewis Hamilton’s “consistency and mental strength”. The young Ferrari driver told Italian magazine Sette: “What would I take from Lewis? His consistency and his mental strength. And his ability to always know how to extract the maximum. “Everyone can do a good lap, the difference…Read More »
Aug.23 (GMM) “Disillusioned” 1980 world champion Alan Jones has indicated he might quit as a Formula 1 steward. The outspoken Australian, who is 72, told speedcafe.com that he may step down so that he can become more critical about how the sport’s officials operate. “At the end of the day I’m a little bit, shall…Read More »
Jan.27 (GMM) The US GP venue in Austin is working to eliminate bumps in the track surface that Formula 1 figures slammed as “unacceptable” in 2019. Speed Week reports that the circuit has been closed in January for repair works, with 40 percent of the entire surface removed and replaced. Indeed, earlier in January the…Read More »
Feb.3 (GMM) Dr Helmut Marko has all but ruled out a return to Red Bull for Sebastian Vettel. While his own Ferrari contract runs out this year, Vettel’s teammate Charles Leclerc has been re-signed through 2024. So it was interesting that at the recent Kitzbuhel skiing world cup event, Vettel – who won all four…Read More »
Feb.5 (GMM) Dr Helmut Marko thinks adding even more races to F1’s already unprecedentedly-long calendar is “feasible”. Recently, the boss of Red Bull’s second team, Toro Rosso principal Franz Tost, said the current tally of 22 races is the “absolute limit”. But Dr Helmut Marko, the energy drink company’s top F1 official, thinks Liberty Media’s…Read More »
Feb.5 (GMM) Ferrari CEO Louis Camilleri says the Italian marque is prepared to spend more on Formula 1 ahead of the 2020 and 2021 seasons. Actually, Liberty Media is trying to ramp down the spending of the top teams, imposing a budget cap for 2021 and beyond. But Camilleri said this week that an increased…Read More »
Feb.6 (GMM) Contract negotiations with Lewis Hamilton will only begin this month, according to Mercedes team boss Toto Wolff. Earlier, it was rumoured that the six time world champion had rejected Mercedes’ offer of a new two-season deal – for 2021 and 2022 – at $50m per year. Hamilton, who has been linked with a…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!