Concorde Agreements: Ferrari, McLaren, and Red Bull have signed
The Concorde Agreements have indeed been renewed, with the presence of the three major teams in the discipline, Ferrari, McLaren, and Red Bull. They are supposed to shape the future of Formula 1 until 2020.
« I am very pleased to announce that we have renewed the commercial agreements with the majority of the current Formula 1 teams, including Ferrari, McLaren, and Red Bull Racing, and notably the terms of the contract under which they will continue to race in Formula 1 after the current Concorde Agreements expire at the end of this year. »
It is with this announcement that Bernie Ecclestone, head of Formula One Management, the company that manages the commercial rights of the F1 World Championship, put an end to the speculation surrounding the ratification of these Concorde Agreements, which are meant to chart the short and medium-term future of the premier discipline by ensuring the presence of most manufacturers and especially the most important ones.
Before this announcement, the website of Sky Sports had lit the fuse by revealing – while subsequently withdrawing the article – that two teams, Ferrari and Red Bull, were individually negotiating with the FOM to acquire shares in Formula 1, but also to place a representative on the board of Delta Topco – the company that owns F1. Bernie Ecclestone, who initially wanted to wait until the end of the Malaysian weekend to make an announcement, moved up the schedule, likely aiming to prevent the budding controversy from dragging on.
The terms of this new agreement are not known but will certainly be revealed very soon, just like the teams that did not wish to ratify it. It will cover the period 2013-2020.
