F1 teams ‘free to not sign’ new Concorde – Abiteboul
Nov.5 (GMM) Cyril Abiteboul does not think a new Concorde Agreement will be quickly signed by the ten Formula 1 teams.
Although the 2021 regulations have finally been published, the equally consequential commercial and governance agreements with the teams must now be agreed and signed.
The teams will meet with Liberty Media and the FIA to discuss and potentially finalise that agreement on Tuesday.
But, just like the technical rules, it will also be contentious.
On the commercial side, Liberty is proposing a different system for the distribution of income. And in terms of governance, it is proposed that the Strategy Group and the need for unanimous votes for rule changes be scrapped.
Ferrari’s unique veto could also be under fire.
“A working group has been set to start discussing the details of the documents,” Ferrari team boss Mattia Binotto says.
“I think it’s only after having seen the details that we may assess where we are and what’s required.”
His counterpart at Renault, Cyril Abiteboul, agrees that the new Concorde Agreement is unlikely to simply get a rubber stamp. The Frenchman confirmed that every team is “free to sign or not to sign”.
“I expect that the details of the drafting of the document will take much longer. We all know what happens when one lawyer gets involved so we have at least 12 lawyers.
“It’s going to take a bit of time probably to get a grid,” Abiteboul added.