Concorde Agreement Ferrari

Maranello (Italy), August 18, 2020 – Ferrari N.V. (NYSE/MTA: RACE) announces that Ferrari S.p.A. today signed the two agreements that will govern the Scuderia`s participation in the FIA Formula 1 World Cup from 2021 to 2025. The contractual terms remain largely confidential, although its well-known provisions required the signatory teams to show up and compete at each race and guaranteed their right to do so to assure the newly acquired public of the sport that they would have a race to watch. Perhaps most importantly, the agreement gives the BAZL the right to broadcast Formula 1 races on television – this right has been „leased“ to Formula One Promotions and Administration, a company founded by Bernie Ecclestone and owned by Bernie Ecclestone. Another important element was the stability of the rules, described as the protection of the teams against „the corporals of the board of directors“. [2] The agreement aims to achieve a fairer distribution of prices. On 29 July 2008, the ten teams currently present created the Formula One Team Association (FOTA) to negotiate the terms of the contract. Following a dispute between FOTA and the FIA in the first half of 2009, a new Concorde contract was signed by Mosley and all the teams, although Sauber, in transition as the majority owner of BMW, announced shortly before his intention to retire from the sport at the end of the season, waiting for a majority stake in the team to be returned to Peter Sauber, before he signs. The new agreement provides for the continuation of the provisions of the 1998 agreement and will continue until 31 December 2012.

At the same meeting of the FIA World Motor Sport Council, a resource limitation programme was also agreed, as well as revised sporting and technical regulations for the 2010 season. [11] Williams Deputy Team Leader Claire Williams added: „Our expectation, which is in line with Liberty Media, is that this next era will be marked by tighter and more exciting races as a result of the new regulatory platform, which include a fairer distribution of sales and an initial cost cap for our sport. This agreement marks an important milestone in the development of Formula 1 and is also an important opportunity for Williams to continue our journey to the top of the starting list. You will be surprised to know that in reality, the negotiations focused only on certain parts of the entire agreement. The main contract is about 100 pages, but some of its appendices are longer, including the hyper secret Schedule 10 that covers money. That`s about 150 pages, they say. Jean Todt, FIA President: „We are delighted that Ferrari has signed the new Concorde agreement, the three-way agreement that ensures a stable future for the FIA Formula 1 World Cup. This is the highlight of motorsport, and it is of course that the most successful team that has ever been in this series, where it has always been a protagonist, should remain so in the years to come. JEAN Todt, FIA President, added: „We are delighted that Ferrari has signed the new Concorde agreement, the tripartite agreement that ensures a stable future for the FIA Formula 1 World Cup. McLaren, the second most successful team in history, first arrived in 1966, was the first team to publicly announce that it had signed the deal. „The agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019 and coming into force in 2022, will reduce the financial and different differences between teams on the course, help improve the conditions of competition and tighten races on the course, which fans would like to see more of.“ Negotiations on the terms of replacing the 2013 agreement began as part of more in-depth discussions on the future of sport in 2017, but the deadline for reaching an agreement has been extended until 31 October 2019. . .