Ferrari team principal Maurizio Arrivabene says new team commercial agreements should not be rushed through despite having only two years remaining.

The commercial agreements between the teams, FIA and Formula 1 — known as the Concorde Agreement — are due to expire at the end of 2020, meaning next year is the penultimate season most teams will run under such terms. With F1 owners Liberty Media keen for a major overhaul of regulations in 2021 as well as wanting to change the distribution of revenues and introduce a cost cap, the next agreements are seen as extremely complex and Arrivabene says all parties should take their time in finding a solution.

“The time, it’s quite tight, you know better than me,” Arrivabene said. “So we need to move quickly – but in the meantime we need to avoid any move that could damage our company. I’m talking about Ferrari as I think my colleagues, they are talking about the company that they are representing.

“So, the time is quite tight – but we don’t have any hurry to move forward and maybe to create a mess. Talking about something that is in front of us now: We have regulations for next year, they were supposed to give more possibility to the overtaking, at the moment the first feedback that I got from our drivers is that most probably that objective is not achieved.

“The result is that we are spending a huge amount of money next year to change our car, then we need also to sit together and to understand how could be the situation for the engine cost for 2021 and maybe thinking about that – because we are continuously talking about a cost cap but at the moment, I’m seeing costs that are increasing instead of decreasing.

“So, we need to stop a bit and, instead of rushing, we need to think about what we are doing now, because what we are doing now, it could potentially influence future decisions.”

The current agreements were only signed during the summer of 2013, despite the previous agreements having expired at the end of the 2012 season.