Formula One Deal Gets Green Light From All 10 Teams On Grid

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ISLAMABAD:    Formula One announced Wednesday that all 10 teams on the grid had finally agreed to a binding five-year commercial deal from 2021 which ensures the sport’s “sustainable” future and will create closer racing. “The FIA (F1’s governing body) and Formula 1 can today confirm that all 10 teams have agreed to the new Concorde Agreement,” a statement confirmed. “The agreement will secure the long-term sustainable future for Formula 1,” it noted, and will help usher in the top item in any F1 fans’ wishlist – better action on the track.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium,” said F1 boss Chase Carey.
“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.”
FIA president Jean Todt said that in a time of “unprecedented global challenges” from the coronavirus pandemic he was proud of how the sport’s stakeholders had worked together.