close global

Welcome to GPFans

CHOOSE YOUR COUNTRY

  • NL
  • GB
  • IT
  • ES-MX
  • US
  • GB

Are you a F1 Fan? Follow GP Fans

Edition

NL GB IT ES-MX US

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

Photo: © LAT Images

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

Will teams agree to a more even split of the money?

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 official account hammered by fans: 'Now a meme page for teenagers'

F1 official account hammered by fans: 'Now a meme page for teenagers'

  • Yesterday 22:57
F1 legend Martin Brundle reacts after bizarre microphone sock biting interview

F1 legend Martin Brundle reacts after bizarre microphone sock biting interview

  • Yesterday 21:56
FIA president welcomes Christian Horner return to F1

FIA president welcomes Christian Horner return to F1

  • Yesterday 21:14
F1 News Today: Max Verstappen hit by Miami penalty as Ferrari punished by FIA

F1 News Today: Max Verstappen hit by Miami penalty as Ferrari punished by FIA

  • Yesterday 20:38
Lewis Hamilton makes rude gesture by flipping off F1 rival at Miami Grand Prix

Lewis Hamilton makes rude gesture by flipping off F1 rival at Miami Grand Prix

  • Yesterday 20:29
F1 fans rage at resurfaced Jenson Button 'big boobs' joke

F1 fans rage at resurfaced Jenson Button 'big boobs' joke

  • Yesterday 19:45

Just in

4-5
F1 official account hammered by fans: 'Now a meme page for teenagers'
4-5
F1 legend Martin Brundle reacts after bizarre microphone sock biting interview
4-5
FIA president welcomes Christian Horner return to F1
4-5
F1 News Today: Max Verstappen hit by Miami penalty as Ferrari punished by FIA
4-5
Lewis Hamilton makes rude gesture by flipping off F1 rival at Miami Grand Prix
F1 news

Recommended by the editors

F1 official account hammered by fans: 'Now a meme page for teenagers' F1 Social

F1 official account hammered by fans: 'Now a meme page for teenagers'

Yesterday 22:57
F1 legend Martin Brundle reacts after bizarre microphone sock biting interview F1 on TV

F1 legend Martin Brundle reacts after bizarre microphone sock biting interview

Yesterday 21:56
FIA president welcomes Christian Horner return to F1 Latest F1 News

FIA president welcomes Christian Horner return to F1

Yesterday 21:14
Lewis Hamilton makes rude gesture by flipping off F1 rival at Miami Grand Prix Lewis Hamilton

Lewis Hamilton makes rude gesture by flipping off F1 rival at Miami Grand Prix

Yesterday 20:29
Ontdek het op Google Play
x