F1 signed the Pact of Concord

The 10 teams, the FIA ​​and the media company Liberty Media reached an agreement and signed the historic "Pact of Concord", a contract that establishes the rules for the future, especially regarding the economic distribution, television rights and the prize pool.

This agreement, which was signed for the first time in 1981, was celebrated by most of the teams. However, one of them, recognized through its Sports Director, that they are "the biggest victim in terms of money lost in this proposed distribution."

"We, Mercedes, we make it very clear that we are in favor of a more equitable distribution of the awards. But we also agree that success should be rewarded, "he said. Toto Wolff.

Wolff considered that Mercedes is a victim within the Pact of Concord – REUTERS / Maxim Shemetov / File Photo

“We are proud that Formula 1 has come together to compete safely. We said earlier this year that due to the changing nature of the pandemic, the Pact of Concord would take longer to arrive and we are now pleased to announce that an agreement has been reached with all ten teams for a long-term future in our sport. ”, He assured Chase carey through a statement.

“All of our fans want to see tighter races, wheel-to-wheel action and for all teams to have podium options. The new Concord Pact, together with the rules for 2022, will lay the foundations to make this a reality and create a financially fairer environment that reduces the distances between the teams on the track ”, he added about the new agreement that will come into force in 2021 and will run until 2025.

For his part, the president of the International Automobile Federation (FIA), Jean Todt, also showed his agreement: “Throughout these seventy years, Formula 1 has developed at a remarkable pace, pushing safety, technology and competition to absolute limits, and today it is confirmed that a new chapter of this story is about to begin (…) I am very proud of the way that all the stakeholders in Formula 1 have worked for months to move the interests of the sport and fans towards a more sustainable and fair path, with exciting competition at the top of motor sport ”.

Mattia Binotto was hopeful with the new agreement

However, despite the fact that less economically powerful teams such as McLaren or Williams have celebrated the full scope of this agreement, others like Mercedes felt victims of it: “We are, I would say, the biggest victim in terms of money lost in that deal What is proposed. Ferrari has maintained an advantageous position. And Red Bull obviously balances it with AlphaTauri. So we are the ones who suffer the most, ”claimed the name Mercedes,” said Wolff.

“I think Mercedes has contributed a lot to F1 in recent years. In addition to being competitive on the track, we have the driver who clearly generates the most attraction in the world (Lewis Hamilton). We believe that in those negotiations they did not treat us as they should, "he said.

Ferrari's position is totally different since It is the only team that has been present since the beginning of the Formula 1 championship in 1950 and has a special regime. That is why its manager Mattia Binotto indicated at the F1 70th Anniversary Grand Prix at Silverstone that he was willing to sign. Is that the Cavalino Rampante long enjoyed a financial reward for its importance in F1, in addition to thave weight when it comes to the veto in the rules. "I think Ferrari will continue, as always, being part of history. We will be there in the future, we are fully committed and will undoubtedly sign ”, assured Binotto.

Ferrari signed the 'Pact of Concord' until 2025, an agreement that tries to guarantee the coexistence of all the teams, as well as the economic distribution.

“I am really excited for the future of Formula 1 (…) I think the new Concordia deal will make a much healthier category, more competitive, and those who are going to gain the most from it are the fans ”, were the words of McLaren CEO Zak Brown.

“It is fantastic for the sport. We can move on. We have some great new rules for 2021, which certainly will balance the grid and give this category a much brighter future, so we are really excited ”, acknowledged Clair Williams.

It will be necessary to see how the new “Pact of Concord” will influence the competition over the years, in which various modifications are planned both economic, such as the reduction of the budget ceiling, as techniques that will be implemented from 2021-2022. So far, after the last update of said agreement signed in 2013, Mercedes turned out to be the dominant one winning all the World Championships since 2014.

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