Concorde Agreement Renewal

On January 19, 2005, Ferrari announced that it had signed an extension of the previous agreement, which expires on December 31, 2012. [4] On 18 July 2005, Red Bull also signed an extension[5] as well as Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign an extension of the agreement. [7] The above raises three important questions: Will the FIA be a direct party to a regulatory and commercial agreement under any name? What are the chances of an agreement being delayed after 2021? And could Formula 1 rush into the future without any form of agreement, except for one that has been imposed on the teams of Liberty Media, the current owner of the commercial rights to Formula 1? Successive agreements define the commercial and regulatory obligations and obligations of the teams, crH and FIA. Simply put, the concord agreements described in detail how much money each team would receive if it met certain conditions and defined the regulatory process to be followed throughout the period of validity. On 27 March 2006, the five teams supported by the Grand Prix Manufacturers Association - BMW Sauber, Renault, Honda, McLaren and Toyota - submitted their applications for the 2008 season and agreed to remain in the sport until 2012. [8] [9] On 14 May 2006, the five GPMA-supported teams signed a Memorandum of Understanding with the Commercial Rights Holders (CVC/Ecclestone), which served as the basis for the next Concorde agreement. [10] There was therefore no full agreement for the 2008 season, with the memorandum, extensions and agreements with the other teams acting as an emergency solution. However, Hamilton`s comments about his own future could be more about the confidence in setting up some kind of deal that Mercedes sees inside the F1 tent and not outside the tent. All three teams refused to sign the proposed Concorde agreement, initially with the support of the remaining teams. However, on 5 September 1996, the new Concorde Agreement was signed by all teams except McLaren, Williams and Tyrrell.

The Agreement should apply from 1 January 1997 to 2002. The current version expires in December 2020. Binotto believes the most likely format will be a "trade agreement in which technical and sporting rules are set out in the annexes," adding: "The format of the regulations has been defined for governance.