This will work with a new budget cap of $145 million per season, which will come into effect in 2021. 19.08. – The first three teams have signed the Concorde 2021-2025 contract – but one of them is not Mercedes. Ferrari, McLaren and…… August 11 – Liberty Media advances the deadline for the conclusion of the Concorde 2021 agreement on August 12. During Cyril. F1 and the FIA say the new agreement will „ensure the long-term sustainable future of F1“ and will work with the budget cap and new technical rules (2022) to „reduce financial and on-the-road disparities between teams“ and help „create the conditions for competition.“ READ MORE: The cost cap for F1 2021 has said what has changed and why? In 1995, the FIA decided to transfer the commercial rights from Formula 1 to the Formula 1 administration for 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested by rejecting the proposed Concorde Agreement (negotiations for which it began in 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of OFZL, negotiated the transfer of the organization`s rights to his own company.

Tyrrell also objected to the agreement`s endorsement being kept secret and argued that the secrecy of the agreement would only benefit Ecclestone (by weakening the bargaining power of the other parties). The challenges posed by the virus served as an additional reminder that something had to change, that is, as soon as the championship resumed, the trade agreement was also able to discuss. The agreement aims to achieve a more equitable distribution of the price. On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. [7] The terms of the Concorde agreement are confidential, but some important details are known. No more excessive special payments for several teams, with the exception of the reduction of Ferrari`s bonus for Ferrari. 21.08. – Ferrari is „very satisfied“ with the terms of its agreement with Formula 1 under the newly signed 2021-2025 Concorde Agreement…

Formula 1 is now in the „final“ phase of negotiating new trade agreements that link teams to sport beyond 2020. That`s the message from. Formula 1 has already confirmed that its new cost cap for the 2021 season will be lowered from 175 million to 145 million $US due to the financial impact of the coronavirus pandemic.