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Sep.23 (GMM) Sebastian Vettel says he is not expecting “quantum leaps” as he joins Aston Martin for 2021. Many see the quadruple world champion’s 2021 move, having been ousted by Ferrari, as a masterstroke. Racing Point is securing a champion driver as it rebrands, and Vettel moves to a team that is backed not only…
Read More »Sep.23 (GMM) Renault is looking for another potential engine partner, boss Cyril Abiteboul has revealed. At the end of the year, McLaren is ending its customer alliance with Renault and switching to Mercedes power – and Daniel Ricciardo is also switching camps. But with Renault looking stronger in 2020 and now fully committed to the…
Read More »Sep.23 (GMM) The ‘party mode’ ban did not alter the team hierarchy in Formula 1, according to Renault boss Cyril Abiteboul. The ban came down at Monza, and it had been expected to chip away at Mercedes’ clear engine power advantage. But Abiteboul told Auto Motor und Sport: “The pecking order is still the same….
Read More »Sep.23 (GMM) Kimi Raikkonen is the second best Ferrari-powered driver in Formula 1 this year, according to a broadcaster. Many observers think this year will be the 40-year-old’s eighteenth and final season on the grid, as the Alfa Romeo is uncompetitive, Raikkonen’s motivation may be flagging, and juniors like Mick Schumacher wait in the wings….
Read More »Sep.23 (GMM) Stefano Domenicali looks set for a sensational return to Formula 1 – to replace F1 CEO Chase Carey. The news was reported by multiple authoritative publications, including the major German newspaper Bild. In mid-April, Sport Bild – another Alex Springer publication – claimed that Carey would “soon” be leaving Formula 1. Bild correspondent…
Read More »Sep.23 (GMM) Kevin Magnussen has named the leading candidates who could take his Haas seat away for 2021. The Dane is liked by the American team and happy at Haas, and is believed to be in a more comfortable position than his teammate Romain Grosjean. Still, the sheer number of candidates to potentially replace him…
Read More »Sep.23 (GMM) Pierre Gasly is a future world champion and almost as good as Max Verstappen and Charles Leclerc. That is the claim of the Frenchman’s boss Franz Tost, after Gasly and Alpha Tauri stunned the F1 world by winning recently at Monza. Red Bull reacted by saying Gasly is the ideal “leader” driver for…
Read More »Sep.22 (GMM) The trend away from ‘ghost races’ is continuing, with the Nurburgring announcing that 20,000 spectators will be allowed to attend next month’s race. Ticket sales begin on Tuesday, with the cheapest starting at 199 euros. It follows the approval of the Nurburgring’s anti-coronavirus health measures by the regional district administration of Ahrweiler. “In…
Read More »Sep.22 (GMM) F1 will have clamped down on drivers making overtly political statements on the podium, according to former driver Vitaly Petrov. The Russian was referring to Mugello, where Lewis Hamilton wore a t-shirt calling on American police accused of shooting a woman during a raid to be arrested. Six-time world champion Hamilton has been…
Read More »Sep.22 (GMM) Mercedes is happy to make “suggestions” to make Formula 1 more exciting. That is the view of Toto Wolff, who acknowledged that the dominance of the team he leads and Lewis Hamilton is not good for the sport. “Sport must also provide entertainment,” the Mercedes boss told motorsport-magazin.com. “If Usain Bolt wins every…
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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!