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OFFICIAL: All teams agree to new Formula 1 Concorde Agreement

19 August 2020 at 09:38
Last update 19 August 2020 at 14:32
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  • GPblog.com

Most teams already confirmed, but for the time being it was Mercedes that was still holding the boat back. However, now Formula 1 has announced that all teams have signed the Concorde Agreement and therefore they will remain in the sport until 2025.

Mercedes signs anyway

Williams, Ferrari and McLaren had already announced yesterday that they agreed to the Concorde Agreement, but now the other seven teams have also given their confirmation. This means that the future of Formula 1 is fixed, until 2025. Until then, the new rules apply and the teams are also committed.

The new rules should make the sport fairer. Under these rules the prize money will be distributed more evenly every year. Mercedes was against this for a long time, because Ferrari got another bonus and Red Bull Racing also has an advantage of having two teams. Those problems apperently have been solved eventually.