Carey: 'The underdog has to have a chance to win'

Formula One boss Chase Carey has said that he is close to completing the new Concorde Agreement with teams which will come into effect from the 2021 season.

A key part of the Concorde Agreement is how the sport's income is distributed as prize money to teams.

Currently, there is a huge imbalance between the haves and the have nots. Ferrari especially benefit from a huge $73million 'Long-Standing Team' bonus, a figure which has seen them consistently sit as the top earners in the sport.

In total, Ferrari received prize money in the region of $205m. In contrast, the lowest earning teams get just over $50m.

That is the news from Chase Carey, who was speaking to Bloomberg at the world economic forum in Davos, Switzerland.

Speaking to Bloonberg at the world economic forum in Switzerland, F1 CEO and Chairman Chase Carey said, “We’re in the final stages of it. We have elements of the future resolved. We’ve had the rules, regulations, the cost cap, those things have been resolved.

“The underdog has to have a chance to win. Ultimately last season you really had three teams that were competing to win.”

Related

More F1 news

Latest F1 news

F1 News Today: Russell and Antonelli face FIA penalties as late Monaco GP result set for confirmation

• 56 minutes ago

Christian Horner dealt F1 return blow as team owner issues major statement

• 1 hour ago

What is in an F1 contract? Dutch insider reveals all after Max Verstappen signs $500M deal

• 2 hours ago

Aston Martin have found THREE seconds in pace, but Honda think they can go even faster

• 3 hours ago

F1 star returns after four-year ban lifted

• 3 hours ago

Kimi Antonelli set to star alongside Mickey Mouse and Donald Duck in iconic Disney comic book

• Yesterday 22:30