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All 10 Formula One Teams Sign New Concorde Agreement Running Till End of 2025

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Formula One (Photo Credit: Reuters)

Formula One’s 10 groups have dedicated to the game till a minimum of the top of 2025 by placing their signatures to a brand new business ‘Concorde Agreement’.

  • Reuters
  • Last Updated: August 19, 2020, 3:51 PM IST

Formula One’s 10 groups have dedicated to the game till a minimum of the top of 2025 by placing their signatures to a brand new business ‘Concorde Agreement’.

“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way,” Formula One Chairman Chase Carey stated in a press release on Wednesday.

“We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.

“The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”



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