Haas has signaled its intention to remain in Formula 1 until 2025 by signing the new Concorde Agreement that ties teams to the sport.
The agreement is between F1, the FIA and the teams, and relates to the commercial terms and governance of the sport for the next five years. Prior to the announcement that all 10 teams have agreed to the new Concorde, Haas’ future had been in doubt while team owner Gene Haas seeked to understand the team’s prospects for future success.
With Liberty Media keen to reduce the disparity in financial payments across teams in order to create a more equal playing field, Haas has joined the rest of the current grid in committing to F1 until 2025.
F1 chairman and CEO Chase Carey said the new agreement increases the potential for success for all of the teams.
“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way,” Carey said. “We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree, and we are pleased that by August we have been able to achieve agreement from all 10 teams on the plans for the long term future of our sport.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium. The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”
After what the sport described as “robust discussions”, FIA president Jean Todt praised the way all those involved have reacted to the COVID-19 pandemic to create more certainty moving forward.
“The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship,” Todt said. “Over its 70 year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.
“During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1’s stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”