F1 teams okay Concorde deal

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Method One introduced on Wednesday that every one 10 groups on the grid had agreed to a binding five-year business deal, guaranteeing the game’s future from 2021.

“The FIA and Method 1 affirm that every one 10 groups have agreed to the brand new Concorde Settlement,” an announcement mentioned. “The settlement will safe the long-term sustainable future for Method 1,” it mentioned, and mixed with new laws being launched in 2022 make the game extra thrilling with tighter motion on the observe because the hole in groups’ funds narrows. “The followers need to see wheel to wheel motion and each workforce having a podium probability,” mentioned F1 boss Chase Carey.

The settlement — named after the Place de la Concorde in Paris the place the primary deal between the groups, the game and its ruling physique was accomplished in 1981 — is a business contract that binds the workforce to the game for 5 years from 2021-26.

A deal emerged after a u-turn by Mercedes, who initially had been in opposition to signing it however introduced they have been on board eventually weekend’s Spanish Grand Prix in Barcelona.

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