FIA President Jean Todt said: “We can be proud of this agreement which establishes a more effective framework for the governance of the FIA Formula 1 World Championship. The FIA looks forward to continuing to play its historic role as guarantor of regulation and safety in Formula 1 for many years to come. The agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019 and which will come into force in 2022, will reduce financial and line disparities between teams, improve competitive conditions, create tighter races on the track, which fans want to see more of. Tighter races will attract more fans to the sport, benefit each team and further increase the global growth of Formula 1. The agreement is named after the Paris square where the talks took place. “A fairer sport is better for everyone: more balance in revenue sharing between all teams and clearer and simpler governance, cutting special interests and putting sport first. This agreement will only make F1 designers stronger collectively in the long term. After lengthy negotiations, a new Concorde agreement was signed in July 2013 and came into force on 27 September 2013. It expires on December 31, 2020. [12] [13] The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and run at each race and guaranteed their right to do so to assure the newly acquired television audience of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been “leased” to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone. Another important element was the stability of the rules, which is described as protecting teams from “the whims of the governing body”.

[2] The agreement is, among other things, a trade document that defines how television revenues and Formula 1 prices are distributed – and is expected to expire at the end of the year. First the “details” of the new contracts with Formula 1 still need to be defined before the best teams like Red Bull for 2021 and.. “With the new agreement, Formula 1 has taken another important step towards a sustainable and strong future,” said McLaren`s Zak Brown. “It`s the right deal at the right time for the sport, its owners, its teams and especially for the fans.” 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 safely,” said Chase Carey, President and CEO of Formula 1. We said at the beginning of the year that the Concorde agreement would take extra time to reach an agreement because of the fluid nature of the pandemic, and we are delighted to have reached an agreement between the ten teams by August on plans for the long-term future of our sport.