We would like to thank all the teams for their constant commitment over the past few weeks and, while discussions are intense, the agreement of all teams is an important basis for the long-term future of the sport. The agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019 and which will come into force in 2022, will reduce financial and on-line disparities between teams, improve competitive conditions, create tighter races on the track, which our fans want to see more. With tighter races, we will gain more fans for our sport, enjoy each team and further increase the global growth of Formula 1. “This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return safely to racing. We said at the beginning of the year that the Concorde agreement would take extra time to reach an agreement because of the fluid nature of the pandemic, and we are delighted to have reached an agreement between the ten teams by August on plans for the long-term future of our sport. All our fans want to see more races, wheel-to-wheel action and every team has a chance to get on the podium. The new Concorde agreement, in conjunction with the 2022 rules, will lay the groundwork to achieve this and create an environment that is both financially fair and that fills the gaps between the teams on the circuit. Formula 1 and the FIA can confirm today that all 10 teams have approved the new Concorde agreement. It has been preceded by in-depth discussions over the past twelve months with all teams, Formula 1 and fia. The COVID 19 pandemic had to put an end to great uncertainty around the world and Formula 1 was not immune. So it was right that we should focus in the last few months on a safe return to the race.

This is proof for the whole of our sport that, in recent months, we have returned to racing in the safest way and that we have also agreed, as a collective group, on a revised cost cap and have concluded the Concorde agreement. “The conclusion of the new Concorde agreement between the FIA, Formula 1 and the ten current teams guarantees a stable future for the FIA Formula 1 World Championship. In its seventy-year history, Formula 1 has grown at a remarkable rate, reaching the limits of safety, technology and competition, and today confirms that an exciting new chapter in this story is opening up. In the unprecedented global challenges that all players around the world are currently facing, I am proud of how all Formula 1 players have collaborated in recent months in the interest of sport and fans to find the way to a more sustainable, fair and exciting competition at the top of motorsport. »