For­mula One agree­ment her­alds ‘fairer fu­ture’

The Daily Telegraph - Business - - Sport -

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

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