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.”

Before you go...

Strong race execution give McLaren hope of retaining fourth in the standings

Renault to "accelerate" upgrades after a point-less Spanish Grand Prix

Latest News

GPFans Recap

Verstappen delivers team-mate admission as star dealt early RETIREMENT - GPFans F1 Recap

Yesterday 23:57

F1 Social

F1 fans poke fun at star-studded affair in Las Vegas GP blunder

Yesterday 22:58

Latest F1 News

Verstappen delivers heartwarming Ricciardo tribute in team-mate admission

Yesterday 21:59

Latest F1 News

Verstappen TAUNTS F1 rival with powerful championship claim

Yesterday 21:11

F1 Today

F1 News Today: Red Bull boss delivers DAMNING statement as FIA announce title twist penalty

Yesterday 20:26

Las Vegas Grand Prix

Hamilton delivers team-mate JIBE as F1 champion lets loose - Five things you may have missed from the Las Vegas GP

Yesterday 19:58

More news

F1 Race Calendar 2024

GP AUSTRIA 28 - 30 Jun

George Russell

GP GREAT BRITAIN 5 - 7 Jul

Lewis Hamilton

GP HUNGARY 19 - 21 Jul

Oscar Piastri

GP BELGIUM 26 - 28 Jul

Lewis Hamilton

GP NETHERLANDS 23 - 25 Aug

Lando Norris

GP ITALY 30 Aug - 1 Sep

Charles Leclerc

GP AZERBAIJAN 13 - 15 Sep

Oscar Piastri

GP SINGAPORE 20 - 22 Sep

Lando Norris

GP USA 18 - 20 Oct

Charles Leclerc

GP MEXICO 25 - 27 Oct

GP QATAR 29 Nov - 1 Dec

GP ABU DHABI 6 - 8 Dec

Complete kalender 2024

F1 News 24/7

Races

About GPFans

GPFans is a multi-platform, multi-language brand dedicated to Formula One coverage. We bring you all the ins and outs of the sport, 24/7, everything from up-to-the-minute news and features to the latest viral stories and clips.

We believe that a new generation of exciting, outspoken drivers will make F1 more popular than ever before, and we want to give our users access to as much of their heroes as possible, on and off the track. From Lewis Hamilton to Max Verstappen, Daniel Ricciardo to Sebastian Vettel, we provide in-depth analysis of every every Grand Prix in the season, from Australia to Abu Dhabi.

With Formula One under the new ownership of Liberty Media, how the sport is being covered is evolving, and GPFans will look to be at the heart of this progression into new media, as one of the fastest-growing sites covering the king of motorsports.

Follow us on your favorite social media channel

Corporate & Media

Innovatieweg 20C
7007 CD, Doetinchem, Netherlands
+31645516860

CHOOSE YOUR COUNTRY

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

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