Read on Twitter
(1/7) Earlier today, all the ten F1 teams officially agreed to the terms of the new Concorde Agreement which lasts until 2025.⠀⠀
But what exactly is the Concorde Agreement?⠀⠀
#F1 #Concordeagreement
But what exactly is the Concorde Agreement?⠀⠀
#F1 #Concordeagreement
(2/7) Simply put, it's a contract between the FIA, the Formula One Group and the ten teams, which outlines terms of the sport along with how the television revenues and prize money will be distributed.
(3/7) The first agreement was formulated in 1981 after a lengthy 13-hour discussion between Bernie Ecclestone, Jean Marie Balestre, Max Mosley, the team managers and other representatives of the sport.
(4/7) The agreement was named 'Concorde' after the plaza in Paris (Place de la Concorde) where the FIA office is situated and where the discussions took place.⠀⠀
(5/7) The latest agreement is its eighth iteration and will run from 2021 to 2025. It is also the first one under the leadership of Liberty Media which acquired the sport in 2017.
(6/7) The current agreement which lasts from 2013-2020 was heavily criticized for the disparity in prize revenue which shifted the balance in favour of the richer teams. Thus the new agreement is of increased importance, especially for the smaller teams.
(7/7) Along with the new technical and financial regulations which are set to be implemented in the coming years, the new agreement's aims are to level the playing field and provide a fairer distribution of revenue.⠀⠀
