Ferrari: Signing new Concorde Agreement offers F1 “growth”

Scuderia Ferrari has confirmed that it has signed the two elements of the new 2021-25 Concorde Agreement with the Formula 1 organisation and the FIA.

Ferrari: Signing new Concorde Agreement offers F1 “growth”

The Maranello organisation is the second of the 10 current teams to formally announce that it has signed up, following a statement from McLaren earlier today.

Today is the deadline for early signing of the new deal, with teams guaranteed a financial bonus if they meet it. The final deadline for signing is at the end of the month. All teams are expected to meet the earlier deadline.

Ferrari CEO Louis Camilleri stressed that the new deal brings “stability and growth” to the sport.

“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate F1 for the next five years,” said Camilleri. “It is an important step to ensure the stability and growth of the sport. We are very confident that the collaboration with the FIA and Liberty Media can make F1 even more attractive and spectacular, while preserving its status as the ultimate technological challenge.

“Racing is in Ferrari's DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”

Read Also:

F1 boss Chase Carey also stressed the team’s longevity in the sport.

“Scuderia Ferrari and F1 have gone hand in hand since 1950,” said the American. “And we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport.

“In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable.

“Now the scene is set to work together to ensure F1 is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport.”

FIA president Jean Todt added: “We are pleased that Ferrari is a signatory to the new Concorde Agreement, the three-way agreement that assures a stable future for the FIA Formula One World Championship.

“This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come.”

On Tuesday evening Williams became the third to team to confirm that it has signed the new deal.

“The new Concorde Agreement represents a major step forward, for both F1 and Williams,” said deputy team principal Claire Williams. “As one of the sport’s longest running teams, we are pleased to see the future direction of F1 confirmed for the next era of racing.

“Our expectation, aligned with Liberty Media, is that this next era will be characterised by closer and more exciting racing as a result of the new platform of regulations, which include more equitable revenue distribution and a first ever cost cap for our sport.

“The Agreement is a major milestone in the development of F1, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”

shares
comments

Related video

FIA to review Gelael’s spine-damaging Barcelona kerb impact
Previous article

FIA to review Gelael’s spine-damaging Barcelona kerb impact

Next article

Hamilton wants better Pirelli tyres that appeal to F1 fans

Hamilton wants better Pirelli tyres that appeal to F1 fans
Load comments
Why newly-retired Kimi Raikkonen won't miss F1 Prime

Why newly-retired Kimi Raikkonen won't miss F1

After 349 grand prix starts, 46 fastest laps, 21 wins and one world championship, Kimi Raikkonen has finally called time on his F1 career. In an exclusive interview with Motorsport.com on the eve of his final race, he explains his loathing of paddock politics and reflects on how motorsport has changed over the past two decades.

Formula 1
Jan 23, 2022
Unpacking the technical changes behind F1 2022's rules shake-up Prime

Unpacking the technical changes behind F1 2022's rules shake-up

Formula 1 cars will look very different this year as the long-awaited fresh rules finally arrive with the stated aim of improving its quality of racing. We break down what the return of 'ground effect' aerodynamics - and a flurry of other changes besides - means for the teams, and what fans can expect

Formula 1
Jan 21, 2022
Why F1's new era is still dogged by its old world problems Prime

Why F1's new era is still dogged by its old world problems

OPINION: The 2022 Formula 1 season is just weeks away from getting underway, but instead of focusing on what is to come, the attention still remains on what has been – not least the Abu Dhabi title decider controversy. That, plus other key talking points, must be resolved to allow the series to warmly welcome in its new era

Formula 1
Jan 20, 2022
The Schumacher trait that will give Haas hope in F1 2022 Prime

The Schumacher trait that will give Haas hope in F1 2022

Mick Schumacher’s knack of improving during his second season in a championship was a trademark of his junior formula career, so his progress during his rookie Formula 1 campaign with Haas was encouraging. His target now will be to turn that improvement into results as the team hopes to reap the rewards of sacrificing development in 2021

Formula 1
Jan 19, 2022
The “glorified taxi” driver central to F1’s continued safety push Prime

The “glorified taxi” driver central to F1’s continued safety push

As the driver of Formula 1’s medical car, Alan van der Merwe’s job is to wait – and hope his skills aren’t needed. James Newbold hears from F1’s lesser-known stalwart.

Formula 1
Jan 15, 2022
When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push Prime

When BMW added F1 'rocket fuel' to ignite Brabham's 1983 title push

There was an ace up the sleeve during the 1983 F1 title-winning season of Nelson Piquet and Brabham. It made a frontrunning car invincible for the last three races to see off Renault's Alain Prost and secure the combination's second world title in three years

Formula 1
Jan 13, 2022
How “abysmal” reliability blunted Brabham’s first winner Prime

How “abysmal” reliability blunted Brabham’s first winner

Brabham’s first world championship race-winning car was held back by unreliable Climax engines – or so its creators believed, as STUART CODLING explains

Formula 1
Jan 10, 2022
The steps Norris took to reach a new level in the 2021 F1 season Prime

The steps Norris took to reach a new level in the 2021 F1 season

Lando Norris came of age as a grand prix driver in 2021. McLaren’s young ace is no longer an apprentice or a quietly capable number two – he’s proved himself a potential winner in the top flight and, as Stuart Codling finds out, he’s ready to stake his claim to greatness…

Formula 1
Jan 9, 2022