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Mar.20 (GMM) Fernando Alonso may struggle to find a team willing to host his return to Formula 1 in 2021. That is the view of former F1 driver JJ Lehto, after doors for the mercurial Spaniard at Ferrari, Red Bull, Mercedes and even McLaren reportedly all closed. Lehto thinks the last straw for most bosses…Read More »
Mar.23 (GMM) Dr Helmut Marko says race promoter Red Bull wants July’s Austrian GP to go ahead. The opening seven races of 2020 have already been postponed or cancelled, and now Baku is set to join them. As for the Red Bull-promoted Austrian GP, though, Marko told Osterreich: “Our marketing activities will start in mid-May….Read More »
Mar.23 (GMM) Sebastian Vettel has admitted he has started to “see beyond” the end of his Formula 1 career. Speculation that the quadruple world champion may not have his deal extended at Ferrari, or that he might either retire or switch to another team, has been constant. “It is not that my passion has diminished…Read More »
Mar.26 (GMM) David Richards has called on Liberty Media to ensure the smaller F1 teams are “looked after” amid the global pandemic and economic crash. Formerly an F1 team boss, Richards is now head of Motorsport UK, Britain’s motorsport governing body. Most Formula 1 teams are based in England, and are staring into a long…Read More »
Mar.30 (GMM) Bernie Ecclestone says Formula 1 will survive coronavirus. The former F1 supremo admits that the global pandemic is the greatest challenge the sport has ever faced. But he told f1-insider.com: “Formula 1 will survive in whatever form despite the difficult times and the green zeitgeist, not just because of the virus.” How is…Read More »
Apr.2 (GMM) British GP promoters will decide by the end of this month if the F1 race at Silverstone can go ahead in July. On the official Formula 1 website, the race calendar has been removed completely and replaced with an explanation that an alternative schedule is “likely to differ significantly”. However, Silverstone is yet…Read More »
Apr.3 (GMM) “Hairline cracks” have emerged in the otherwise seamless F1 operation at Mercedes. That is the view of former F1 driver Christijan Albers, who according to the Dutch newspaper De Telegraaf retains links to Mercedes after his time in DTM. “I have heard from my network that hairline cracks are developing at Mercedes,” said…Read More »
Apr.3 (GMM) Amid the doom and gloom of the coronavirus pandemic, Bernie Ecclestone has injected some good news into the world of Formula 1. At the age of 89, the former F1 supremo has announced that he is set to be a father for the fourth time. “It will be a boy,” his wife Fabiana,…Read More »
Apr.7 (GMM) It would have been “fun” to pair Robert Kubica with Fernando Alonso at Ferrari. That is the claim of Stefano Domenicali, as the open secret about Polish driver Kubica’s interrupted deal to join the Maranello team for 2012 continues to stay alive. “Before the accident, Robert was a very high level racing driver,”…Read More »
Apr.9 (GMM) “Nothing will be the same” in the wake of the coronavirus pandemic, former F1 team boss Flavio Briatore has warned. Apart from the health risks and deaths, the Italian says the global crisis is “a catastrophe for the entire economy”. “In a few months, the Chinese will buy up all the best Italian…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!