F1 Concorde Agreement Pdf

F1 Concorde Agreement Pdf

On August 18, 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde contract,[21][21] while the following day, Formula 1 announced that the other teams had also signed the contract. [23] The new agreement, which was the first to be concluded under the new owner Liberty Media, is valid for seasons 2021 to 2025 and will come into effect on January 1, 2021. The agreements promote professionalism and increase the commercial success of Formula 1. The most important factor in achieving this was the requirement for teams to participate in each race, making the sport more reliable for channels that should invest heavily in acquiring television broadcasting rights. In return, a percentage of the sport`s commercial revenues were guaranteed to the teams. Disagreements between the two organizations, known as fiSA-FOCA, led to the cancellation of several races. Goodyear threatened to withdraw completely from Formula 1, an event that would have been commercially disastrous for the sport, and ecclestone organized a meeting of team leaders, Balestre and other FISA representatives in the FIA offices, Place de la Concorde, Paris, France. On 19 January 1981, all parties present signed, after thirteen hours of negotiations, the first Concorde agreement, named after the Paris Square where the talks were held. Ferrari CEO Louis Camilleri said the new agreement was an important step in ensuring Formula 1`s “stability and growth” and highlighted Ferrari`s role in the championship`s success throughout its history. FIA President Jean Todt said: “We can be proud of this agreement which establishes a more effective framework for the governance of the FIA Formula 1 World Championship.

The FIA looks forward to continuing to play its historic role as guarantor of regulation and safety in Formula 1 for many years to come. This agreement provides the FIA with significantly improved financial resources to fulfil its regulatory missions and reflect the FIA`s increased role in motorsport. The parties agreed on a strong and stable framework for sports governance, including the Formula 1 group, the FIA and the participating teams. The agreement lays the solid foundation for the development of the FIA Formula 1 World Championship. FIA President Jean Todt: “We are pleased that Ferrari has signed the new Concorde agreement, the three-way agreement that ensures a stable future for the FiA Formula 1 World Championship. This is the highlight of motorsport, and it is of course that the most successful team of all time in this series, in which it has always been a protagonist, should remain like this for many years. Formula 1 is now in the “final” phase of negotiating new trade agreements that link teams to sport beyond 2020. That`s the message from. 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.”

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