Ferrari, Williams and McLaren have signed the new Concorde Agreement according to F1 and other media outlets. The quotes from FIA president Jean Todt would suggest that this new agreement is similar to the older agreement in that it is a tripartite format with the FI, F1, and teams all signing.
Ferrari have been in F1 since the very beginning and as such, receive a special historical participant amount of the prize money which has recently been a sticking point for other teams.
“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula One for the next five years,” said Ferrari CEO Louis Camilleri.
“It is an important step to ensure the stability and growth of the sport. We are very confident that the collaboration with the FIA and Liberty Media can make Formula One even more attractive and spectacular, while preserving its status as the ultimate technological challenge.
“Racing is in Ferrari’s DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
Formula 1’s Chairman and CEO Chase Carey said:
“Scuderia Ferrari and Formula One have gone hand in hand since 1950 and we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport.
“In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable.
“Now the scene is set to work together to ensure Formula One is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport.”
It is also understood that McLaren and Williams have signed as well as the FIA.
FIA president Jean Todt said: “We are pleased that Ferrari is a signatory to the new Concorde Agreement, the three-way agreement that assures a stable future for the FIA Formula One World Championship.
“This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come.”
While McLaren were the first to sign, Williams became the third team to confirm that it signed off on the new Concorde Agreement.
“The new Concorde Agreement represents a major step forward, for both F1 and Williams,” said deputy team principal Claire Williams.
“As one of the sport’s longest running teams, we are pleased to see the future direction of F1 confirmed for the next era of racing.
“Our expectation, aligned with Liberty Media, is that this next era will be characterized by closer and more exciting racing as a result of the new platform of regulations, which include more equitable revenue distribution and a first ever cost cap for our sport.
“The Agreement is a major milestone in the development of F1, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”
Hat Tip: F1.com