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F1 Concorde Agreement 2021

Although the three leading teams Mercedes, Ferrari and Red Bull oppose the new rules. In a Formula 1 press release, the new agreement “will reduce the financial and different differences between the teams, help improve the conditions of competition and tighten the races on the course, which our fans will want to see more of.” A new trade deal to reduce financial inequalities between teams, create a level playing field and close the price performance gap is the next part of this process. There were doubts about some of the teams, including Mercedes AMG Petronas Formula One Team and Haas F1 Team, about their plans for the future, but the two teams have now signed the new agreement to confirm their presence in Formula 1 for at least the next five years. “We are delighted to have reached an agreement between the ten teams by August on plans for the long-term future of our sport,” said Chase Carey, CEO of F1.

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