F1 – Assertion on Concorde Agreement

The FIA and System 1 can this day verify that each and every ten groups maintain agreed to the new Concorde Agreement. This follows intensive discussions over the previous twelve months with all groups, System 1, and the FIA.

The settlement will stable the long-term sustainable future for System 1 and mixed with the new guidelines, launched in October 2019 that attain into pressure in 2022, will lower the financial and heading in the suitable route disparities between the groups, serving to to stage the playing discipline, creating nearer racing on the discover that fans must survey more of. Nearer racing will attract more fans to the sport, benefitting every workforce, and persevering with to lengthen the world enhance of System 1.

The COVID-19 pandemic created immense uncertainty at some stage in the enviornment and System 1 has now not been immune from that. It changed into once therefore true that the level of curiosity in recent months changed into once a agreeable return to racing. It is a testomony to our total sport that in recent months now we maintain got returned to racing in the most accumulate doable manner and maintain furthermore agreed as a collective workforce to a revised rate cap and finalised the Concorde Agreement.

The FIA and System 1 must thank the total groups for their ongoing engagement for the length of latest weeks and whereas there are consistently sturdy discussions the settlement by all groups locations in put a a must maintain foundation for the long-term method forward for the sport.

Jean Todt, President of the FIA acknowledged:

“The conclusion of the new Concorde Agreement between the FIA, System 1 and all ten of the sizzling groups assures a true future for the FIA System One World Championship. Over its seventy year history, System 1 has developed at a worthy fee, pushing the boundaries of security, skills and competition to utterly the limits, and this day confirms that an appealing new chapter in that history is set to initiate. Right throughout the  unprecedented world challenges currently going through everyone at some stage in the enviornment, I’m satisfied with the strategy in which that each and every of System 1’s stakeholders maintain labored together over the previous months for the fitting pursuits of the sport and the fans to agree the pathway for more sustainable, honest and appealing competition at the pinnacle of motor sport.”

Mosey Carey, Chairman and CEO, System 1 acknowledged:

“This year has been unprecedented for the enviornment and we’re proud that System 1 has attain together in recent months to realize to racing in a agreeable manner.  We acknowledged earlier in the year that due to the the fluid nature of the pandemic, the Concorde Agreement would dangle previous typical time to agree and we’re satisfied that by August now we maintain got been in a job cease settlement from all ten groups on the plans for the long dash method forward for our sport. All our fans must survey nearer racing, wheel to wheel action and every workforce having of project to score on the rostrum. The brand new Concorde settlement, in conjunction with the guidelines for 2022, will place in put the foundations to plan this a actuality and kind an atmosphere that is each and every financially fairer and closes the gaps between groups on the trot discover.”