The Formula 1 announced this Wednesday that the ten teams in the competition have already signed the ‘Pact of Concord’ until 2025, an agreement that will govern F1 for the next five years and that seeks to guarantee the coexistence of all the teams, as well as the economic distribution.
The teams Ferrari, Williams and McLaren confirmed their adherence to the collective agreement on Tuesday and, a day later, the competition itself announced that the other seven teams have also signed the document: Mercedes, Red Bull, Renault, Racing Point, Alpha Tauri, Alfa Romeo and Haas.
The president of F1, Chase carey, stressed that this new agreement “will create an environment that is financially more fair” and will help “close the gaps between the teams” so that more exciting and contested events can be seen.
“All of our fans want to see closer races, wheel-to-wheel action and for all teams to have a chance to get on the podium. The new Pact of Concord, along with the new rules starting in 2022, will lay the groundwork to make this a reality and create an environment that is more financially just“, valued.
For his part, the President of the FIA, Jean Todt, stressed that this agreement “ensures a stable future for the World Cup.” “Throughout its 70-year history, the Formula 1 has developed at a remarkable pace, pushing the limits of safety, technology and competition to absolute limits, and today confirms that an exciting new chapter in that story is about to begin, “he stressed.