Ferrari and Williams sign the new Formula 1 Concorde Agreement

Ferrari

Ferrari and Williams sign the new Formula 1 Concorde Agreement

The final deadline for teams to sign is August 31

Sam Hall

Tuesday 18 August 2020 18:49 Updated: 19:07

Ferrari and Williams have confirmed the team has signed the new Formula 1 Concorde Agreement.

In signing the agreement, the teams become the second and third teams to commit its future to Formula 1 with the deal set to run until 2025.

Ferrari is the only manufacturer to have taken part in every season of the sport, beginning its relationship in 1950. The Scuderia is also the most successful team in the history of the sport, delivering more pole positions, race wins and championship titles than any of its competitors.

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Ferrari CEO Louis Camilleri said: “We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula One for the next five years.

"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 Formula One 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.”

Announcing their commitment to Formula 1, Williams deputy team principal Claire Williams said: “The new Concorde Agreement represents a major step forward, for both Formula One and Williams. As one of the sport’s longest running teams, we are pleased to see the future direction of Formula One 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 Formula One, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”