Formula One Concorde Agreement

“The agreement is an important step in the development of Formula 1 and also represents an important opportunity for Williams to resume our journey back to the top of the pack,” said Claire Williams, the school`s assistant principal. A new trade agreement to reduce financial disparities between teams, to bridge competitive conditions and to close the performance gap is the next part of this process. Ferrari`s argument for special treatment is obvious and can be summed up at best by a glorious part of its announcement that it has signed the new contract: “The only team that has participated in the World Cup every year”, with a community of supporters of “over 400 million worldwide”, and during a race on national soil in Mugello in just a few weeks, “the first team to reach the milestone will have participated in 1000 Grands. On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. [7] On July 29, 2008, the ten teams currently present created the Formula One Teams Association (FOTA) to negotiate the terms of the contract. After a dispute between FOTA and the FIA in the first half of 2009, Mosley and all the teams signed a new Concorde contract, although Sauber, who was the majority owner of BMW in transition, had announced shortly before his retirement from the sport at the end of the season, so was waiting for a control of the team to be returned to Peter Sauber before signing. The new agreement provides for the continuation of the terms of the 1998 agreement and will continue until 31 December 2012. At the same FIA World Motor Sport Council meeting, a resource limitation programme was also approved, as well as a series of revised sports and technical rules for the 2010 season. [11] Formula 1 teams have unanimously decided to sign the new Concorde contract that will govern the sport from 2021 to 2025. The challenges posed by the virus served as an additional reminder that something had to change, that is, as soon as the championship resumed, the trade agreement was also able to discuss. In a statement, the FIA said: “The FIA and Formula 1 can confirm today that all 10 teams have approved the new Concorde agreement.