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Concorde Agreement Terms

The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and show up at each race, guaranteeing their right to do so in order to assure the public of the newly acquired television of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been « leased » to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone. Another important element was the stability of the rules, which is described as protecting teams from « the whims of the governing body ». [2] On March 27, 2006, the five teams supported by the Grand Prix Manufacturers Association – BMW Sauber, Renault, Honda, McLaren and Toyota – submitted their bids for the 2008 season and agreed to remain in the sport until 2012. [8] [9] On May 14, 2006, the five TEAMS supported by the GPMA signed a Memorandum of Understanding with commercial rights holders (CVC/Ecclestone) that served as the basis for the following agreement. [10] As a result, there was no complete agreement for the 2008 season, as the memorandum, extensions and agreements with the other teams served as a stop. » Ferrari, McLaren and Williams announced their support for the revised race conditions on Tuesday, with the other seven manufacturers following. The terms of the Concorde agreement are confidential, but some important details are known. No more excessive special payments for several teams, with the exception of the reduction of Ferrari`s bonus for Ferrari. The hope now is that all F1 teams can develop financially into robust operations while closing competitiveness, which can in turn improve the racing spectacle. In conclusion, I hope that the Concorde agreement of 2021 will bring teams closer in terms of performance. And will offer the smaller teams a hovering playing field. In addition, it will also encourage some car players like Audi, Porsche and a few others to venture into Formula 1.

Such an agreement, at present, speculation that some teams, like Mercedes, could not stay upright. Ferrari CEO Louis Camilleri said the new agreement was an important step in ensuring the « stability and growth » of the series. The agreement signed with the International Automobile Federation (« FIA ») and Formula One World Championship Ltd. (« Formula 1 ») defines the regulatory and governance aspects of the highest motorsport series. The commercial aspects are defined in the agreement between Ferrari and Formula 1. The challenges posed by the virus served as an additional reminder that something had to change, that is, as soon as the championship resumed, the trade agreement was also able to discuss. It was not an entire F1 release that was devoted to a single team, but it was still an indicator, like the special conditions for Ferrari, which are still in the most recent commercial conditions that place Ferrari F1 above the rest. A new agreement provides for a fairer distribution of prize money and a drift of financial differences that hope to increase competition on the way to it.

On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. Following the announcement of the signing of Ferrari, Williams and McLaren yesterday (Tuesday), Formula 1 announced that the remaining seven teams had also agreed to the new conditions. Disagreements between the two organizations, known as fiSA-FOCA, led to the cancellation of several races.