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Ferrari becomes second team to sign Concorde agreement

NEWS STORY
18/08/2020

Ferrari has followed McLaren in committing to Formula One until 2025, as the Italian team signs the new Concorde Agreement.

The agreement, which was signed with the FIA and Formula One, defines the regulatory and governance aspects of the series. The commercial aspects are defined in the agreement between Ferrari and Formula One.

Scuderia Ferrari is the only team to have taken part in every year of the Formula One World Championship from 1950 to the present day.

With a fan base of over 400 million around the world, Ferrari is the most successful team in terms of the number of Drivers' (15) and Constructors' (16) titles and when it comes to race wins with 238. On 13th September, at Mugello, it will become the first team to reach the milestone of having taken part in 1000 Grands Prix.

"We are pleased to have signed up again to what is commonly known as the Concorde Agreement," said Louis Camilleri, CEO, Ferrari, "which will regulate Formula One for the next five years.

"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."

"We are pleased that Ferrari is a signatory to the new Concorde Agreement," added Jean Todt, "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."

"Scuderia Ferrari and Formula One have gone hand in hand since 1950," said Chase Carey, "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."

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READERS COMMENTS

 

1. Posted by Wokingchap, 20/08/2020 9:22

""Three Way Agreement"??? I suppose that's Cheat, Secrecy and even more Cheating."

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2. Posted by kenji, 19/08/2020 1:34

"It would be interesting to know whether all Concorde agreements are identical. How many side deals are done in the course of contract negotiations that influence teams to sign? I guess that the best thing that comes out of this is the ' element of intent' that teams will front for the next 5 years. Maybe Pitpass could comment on the possibility of 'get out' clauses...as i'm reasonably sure there would be some?"

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