Ferrari and Williams commit to F1's new Concorde Agreement

Ferrari and Williams have confirmed that they have signed the new 2021-25 Concorde Agreement with the Formula 1 organisation and the FIA, cementing their futures in the championship

Ferrari and Williams commit to F1's new Concorde Agreement

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 on Tuesday.

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 championship.

"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."

F1 boss Chase Carey expressed his delight at Ferrari's decision to sign the new terms set out by the Concorde Agreement, also citing the team's history in the championship.

"Scuderia Ferrari and F1 have gone hand in hand since 1950," said Carey.

"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 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
Ask Tim: The underachieving F1 team that needs to "pull its socks up"

Previous article

Ask Tim: The underachieving F1 team that needs to "pull its socks up"

Next article

F1 confident new engine mode rule can be policed

F1 confident new engine mode rule can be policed
Load comments

About this article

Series Formula 1
Teams Ferrari , Williams
Author Adam Cooper
The diva that stole a march on F1’s wide-bodied opposition Plus

The diva that stole a march on F1’s wide-bodied opposition

In 2017 new F1 technical regulations were supposed to add drama - and peg Mercedes back. STUART CODLING looks at the car which, while troubled, set the stage for the wide-bodied Formula 1 era

The themes to watch in F1’s Imola return Plus

The themes to watch in F1’s Imola return

Three weeks is a long time in Formula 1, but in the reshaped start to the 2021 season the teams head to Imola to pick things up after the frenetic Bahrain opener. Here's what to look out for and the developments to follow at the Emilia Romagna Grand Prix

The 'new' F1 drivers who need to improve at Imola Plus

The 'new' F1 drivers who need to improve at Imola

After a pandemic-hit winter of seat-swapping, F1 kicked off its season with several new faces in town, other drivers adapting to new environments, and one making a much-anticipated comeback. BEN ANDERSON looks at who made the most of their opportunity and who needs to try harder…

Formula 1
Apr 12, 2021
The delay that quashed Aston Martin’s last F1 venture Plus

The delay that quashed Aston Martin’s last F1 venture

Aston Martin’s only previous foray into Formula 1 in the late 1950s was a short-lived and unsuccessful affair. But it could have been so different, says NIGEL ROEBUCK

Formula 1
Apr 10, 2021
Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace Plus

Verstappen exclusive: Why lack of car-racing titles won't hurt Red Bull's ace

Max Verstappen’s star quality in Formula 1 is clear. Now equipped with a Red Bull car that is, right now, the world title favourite and the experience to support his talent, could 2021 be the Dutchman’s year to topple the dominant force of Lewis Hamilton and Mercedes?

Formula 1
Apr 9, 2021
Are we at peak F1 right now? Plus

Are we at peak F1 right now?

For many, many years Formula 1 has strived to do and to be better on all fronts. With close competition, a growing fanbase, a stable political landscape and rules in place to encourage sustainability, 2021 is on course to provide an unexpected peak

Formula 1
Apr 8, 2021
How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021 Plus

How crucial marginal calls will decide the Red Bull vs Mercedes battle in F1 2021

The longer Red Bull can maintain a performance edge over Mercedes, the better the odds will be in the team’s favour against the defending world champions. But as the Bahrain Grand Prix showed, many more factors will be critical in the outcome of the 2021 Formula 1 World Championship

Formula 1
Apr 7, 2021
How Williams’ new structure adheres to a growing F1 trend Plus

How Williams’ new structure adheres to a growing F1 trend

Williams held out against the tide for many years but, as MARK GALLAGHER explains, the age of the owner-manager is long gone

Formula 1
Apr 6, 2021