All the ten teams of the Formula 1 have signed a new Pact of the Concord that defines the rules, commercial and technical, shared by the five-year period 2021-2025. Announced today, the FIA, at the conclusion of a negotiation between the stables for months and slowed down by the outbreak of Covid-19.
“The agreement will ensure a long-term sustainable future for Formula 1 and, in combination with the new regulations announced in October 2019 that will take effect in 2022, will reduce the disparities in financial and on-track between the teams, helping to level the field, creating the races more close-ups on the track that fans want”, announced the International Federation.
Together with Renault and Williams, yesterday afternoon arrived at the ok of the Ferrari, among the teams that will benefit the most from the new agreement.
“We are pleased to have renewed what is known as the Pact of Concordia, which will adjust to the Formula One for the next five years. It is a fundamental step to ensure the stability and the growth of the sport. We are very confident that the collaboration with the FIA, and Liberty Media will make Formula One even more attractive and spectacular, while preserving the characteristics of the maximum technological challenge. The races are in the DNA of Ferrari, and it is not a coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral part of and essential to its success, today as in the past, and, above all, in the future,” said Louis Camilleri.
“We are pleased that the Ferrari is one of the first signatory to the new Pact of Concordia, a tripartite agreement that will ensure a future stable and prosperous to the FIA Formula One World Championship. This is the ultimate expression of motor racing and it is natural for the Scuderia, the most successful team in the history of the championship, it has always been the protagonist, and continue to be for many years to come”, commented the president of the FIA Jean Todt.
“The Scuderia Ferrari and the Formula One are historically linked to one another since 1950 and we are delighted that this relationship will continue for a long time still because it is part of the DNA of this sport. In the path that has led to the definition of the new Covenant, of Concordia, we have been able to appreciate the constructive role of the Ferrari, always aims to make the maximum automobile competition more strong, equitable and sustainable. Now there are all conditions to work together for a Formula One even more spectacular and attractive for the hundreds of millions of fans around the world who love him”, is the comment of Chase Carey, President and CEO of Formula One.