Formula One agreement heralds ‘fairer future’
Formula One teams have unanimously agreed to sign up to the new concorde agreement which will govern the sport from 2021 to 2025.
Ferrari, McLaren and Williams announced their support of the revised terms of racing on Tuesday, with the other seven constructors now following suit.
The FIA’s statement read: “The agreement will secure the longterm sustainable future for Formula One and, combined with the new regulations announced in October 2019 that come into force in 2022, will reduce the financial and on-track disparities between the teams, helping to level the playing field, creating closer racing on the track that fans want to see more of.”
Ferrari, McLaren and Williams had earlier agreed to sign and Mercedes, Red Bull, Racing Point, Renault, AlphaTauri, Alfa Romeo and Haas have now joined them.
Formula One chairman, Chase Carey, said: “The agreement, in conjunction with the new regulations, will create an environment that is financially fairer and closes the gaps between teams on the racetrack.”
Closing the gap: F1 chief Chase Carey says new terms of racing will bring teams closer on the track