Formula 1

Todt: New Concorde Agreement "assures a stable future" for Formula 1

Sam Hall Wednesday 19 August 2020 13:13

Todt: New Concorde Agreement "assures a stable future" for Formula 1

FIA president Jean Todt has hailed the new Formula 1 Concorde Agreement as "the pathway for more sustainable, fair and exciting competition".

All 10 F1 teams have signed the new Concorde Agreement, a contract that will run from 2022 until 2025.

The deal defines the commercial terms of F1, including how prize money and other payments are divided between teams.

Todt said: “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship.

"Over its seventy year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin."

Echoing Formula 1 CEO and chairman Chase Carey, Todt paid tribute to the efforts of the teams and commercial rights holders Liberty Media for being able to complete the agreement during the "unprecedented global challenges".

He added: "During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1’s stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”

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Todt: New Concorde Agreement "assures a stable future" for Formula 1

Todt: New Concorde Agreement "assures a stable future" for Formula 1