Ferrari has joined McLaren in announcing it has signed the new Concorde Agreement that sets out the commercial terms and governance of Formula 1 until 2025.
The current agreement – a complex contract essentially tying F1, the FIA and the teams together – was due to expire at the end of this year, and talks have been ongoing for a number of months regarding the next Concorde, with Liberty Media keen to introduce a more equitable distribution of revenues. Today marks the early sign-on deadline for teams, and after McLaren’s announcement it has committed to F1 by signing up, Ferrari has now done the same.
“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula 1 for the next five years,” Ferrari CEO Louis Camilleri said. “It is an important step to ensure the stability and growth of the sport.
“We are very confident that the collaboration with the FIA and Liberty Media can make Formula 1 even more attractive and spectacular, while preserving its status as the ultimate technological challenge. Racing is in Ferrari’s DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula 1 World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
The announcement was welcomed by both the FIA and F1 itself, with FIA president Jean Todt pleased to see the sport’s oldest team remaining in the championship.
“We are pleased that Ferrari is a signatory to the new Concorde Agreement, the three-way agreement that assures a stable future for the FIA Formula 1 World Championship,” Todt said. “This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come.”
F1 chairman and CEO Chase Carey also acknowledged Ferrari’s importance to the sport given its historic value, and said the team has played an important role in recent negotiations.
“Scuderia Ferrari and Formula 1 have gone hand in hand since 1950 and we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport,” Carey said.
“In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable. Now the scene is set to work together to ensure Formula 1 is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport.”