Ferrari and McLaren ready to sign new F1 Concorde Agreement

Ferrari and McLaren are ready and willing to commit to Formula 1 in the long-term by signing the new Concorde Agreement as soon as possible.

F1's Concorde Agreement is a binding agreement between the FIA, the teams and commercial rights holders - in this case, Liberty Media - that determines the division of revenue from broadcast and prize money, and also how those teams compete.

On Friday in Hungary, Ferrari team principal Mattia Binotto confirmed: "As far as Ferrari [is concerned], we are ready to sign. We would like to sign at some point soon. I think that's important for the future, for clarity.

"At least I think we can all know where we are. I think it is important also for the small teams because it's part of the entire package.

"Looking ahead with clarity is important, so some are ready to sign."

Under the current agreement, all teams receive an equal 'column one' payment, with championship finishing positions dictating the level of 'column two' payments.

Where the water is muddied, are the additional payments made to certain teams, of which Ferrari is the largest beneficiary.

Binotto's eagerness to sign appears to suggest Ferrari may be on course to retain more of the bonus payments than their rivals would like.

He added: "I think we are as well happy, because we know that F1 has understood the importance of the role of Ferrari within Formula 1, and that for us was key, so we are satisfied with that."

Echoing the comments of Binotto, McLaren CEO Zak Brown confirmed McLaren, too, is ready to sign "immediately".

“The new Concorde Agreement complements the financial, technical and sporting regulations and secures a strong basis for the sustainability, growth and success of Formula 1 and all its stakeholders," said Brown.

"Liberty Media, F1 and the FIA, together with the teams, have worked diligently to protect the sport through the Covid-19 crisis, our return to racing and into the long term.

"McLaren Racing is fully committed to Formula 1, and we are ready to sign this new agreement imminently.”

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