Formula 1 and the FIA have announced that all 11 teams have officially signed the Concorde Governance Agreement. Earlier in March, it was confirmed that these teams, including the new entrant Cadillac, had also agreed to the Concorde Commercial Agreement.
Now, with all 11 teams, along with F1 and the FIA, signing this governance agreement—which is part of the broader Concorde framework—they have committed to a new five-year contract lasting through to the end of 2030. Stefano Domenicali, F1 President and CEO, highlighted the significance of the day, marking a key milestone as the sport celebrates 75 years. He emphasized that this agreement places Formula 1 in an ideal position for continued global growth and expressed gratitude to FIA President Mohammed Ben Sulayem and the teams for their cooperative efforts in securing a beneficial deal for the sport.
Mohammed Ben Sulayem, recently re-elected as FIA President, praised the ninth Concorde Agreement for securing the long-term future of the FIA Formula 1 World Championship. He thanked Domenicali and the team for their collaboration in crafting an agreement based on fairness, stability, and shared ambitions. Ben Sulayem stressed that the deal supports ongoing modernization in regulatory, technical, and operational aspects of F1, including backing race directors, officials, and the volunteers essential to each race. The agreement aims to keep Formula 1 at the cutting edge of technological innovation, setting high standards for the global sport.
The F1 Concorde Agreement itself is a pivotal contract governing F1’s daily operations, with origins tracing back to the 1980s. The ninth edition coincides with the launch of a new rules cycle, featuring significantly revamped power unit and chassis regulations debuting next season. While many specifics of the agreement remain confidential, it covers crucial elements such as the prize money allocation based on World Championship standings, the permissible number of races each season, entry fees, and cost cap rules. The signing of this agreement is mandatory for all teams competing in the championship.
Fan Take: This announcement is pivotal for racing enthusiasts because it guarantees stability and a clear path forward for Formula 1’s evolution. With a fresh contract and new regulations on the horizon, fans can look forward to thrilling competition and exciting innovations in the sport’s near future.
