Ferrari and McLaren ready to sign new F1 Concorde Agreement
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.”
Before you go...
"Watch this space" - Szafnauer refuses to rule out Vettel move
Hamilton makes ideal start in bid to equal Schumacher record
Related
Change your timezone:
Latest News
F1 team OFFICIALLY confirms signing of new lead driver
- 5 minutes ago
F1 News Today: Hamilton hints Newey Ferrari move as Verstappen takes swipe at F1 rival
- 2 hours ago
Newey Red Bull EXIT date revealed as F1 star confirmed at new team - GPFans F1 Recap
- Yesterday 23:57
Verstappen takes F1 swipe at Hamilton and rivals with ruthless remark
- Yesterday 22:57
Marko defends Ricciardo in 'unbelievable' idiot claim
- Yesterday 21:57
Hamilton hints at sensational Newey arrival at Ferrari
- Yesterday 20:57
Related news
Ferrari show off new-look drivers following HUGE announcement
McLaren leading fight for HUGE cash injection
Sky Sports F1 pundit dumbfounded by key Ferrari decision
F1 giants announce name change with IMMEDIATE effect
F1 Standings
Drivers
- Oliver Bearman
- Charles Leclerc
- Carlos Sainz
- Lando Norris
- Oscar Piastri
- Pierre Gasly
- Esteban Ocon
- Sergio Pérez
- Max Verstappen
- Alexander Albon
- Logan Sargeant
- Lewis Hamilton
- George Russell
- Nico Hülkenberg
- Kevin Magnussen
- Fernando Alonso
- Lance Stroll
- Valtteri Bottas
- Zhou Guanyu
- Daniel Ricciardo
- Yuki Tsunoda
Races
- Gulf Air Grand Prix of Bahrain 2024
- Saudi Arabian Grand Prix 2024
- Grand Prix of Australia 2024
- MSC Cruises Grand Prix of Japan 2024
- Grand Prix of China 2024
- Miami Grand Prix 2024
- Gran Premio dell'Emilia Romagna 2024
- Grand Prix of Monaco 2024
- Grand Prix du Canada 2024
- Gran Premio de España 2024
- Grand Prix of Austria 2024
- Grand Prix of Great Britain 2024
- Grand Prix of Hungary 2024
- Grand Prix of Belgium 2024
- Heineken Dutch Grand Prix 2024
- Grand Prix of Italy 2024
- Grand Prix of Azerbaijan 2024
- Grand Prix of Singapore 2024
- Grand Prix of the United States 2024
- Gran Premio de la Ciudad de Mexico 2024
- Grande Prêmio de São Paulo 2024
- Heineken Silver Las Vegas Grand Prix 2024
- Qatar Grand Prix 2024
- Grand Prix of Abu Dhabi 2024
About GPFans
GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.
With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.
Follow us on your favorite social media channel
Corporate & Media
Innovatieweg 20C7007 CD, Doetinchem, Netherlands
+31645516860