Scuderia Ferrari has today announced that Ferrari S.p.A. has signed the new Concorde Agreement that will secure the team's participation in the FIA Formula One World Championship over the five-year period from 2021 to 2025.
Formula One finds itself in a critical situation not just due to the global coronavirus pandemic, but also in terms of its future. The sport has already announced that it would introduce a Cost Cap next year that will control teams’ ever-growing expenditures. In addition to the Cost Ceiling, the sport will also introduce a radically-updated technical regulation in 2022 that should enable closer racing.
Moreover, the FIA and Liberty Media also need to finalize the Concorde Agreement with the teams. The commercial contract between the Formula One Group, the Formula One teams and the Federation Internationale de l’Automobile dictates the terms by which the teams compete in races and how the television revenues and prize money are divided.
After McLaren and Williams announced earlier today that they have put pen to paper to sign the new Concorde Agreement, Ferrari has confirmed that it has also committed itself to the sport for the next five years.
Ferrari CEO Louis Camilleri said: “We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula One for the next five years. It is an important step to ensure the stability and growth of the sport.”
The Alexandria-born businessman has faith in the collaboration of the FIA and Liberty Media, indicating that Formula One can only benefit from the new agreement defined by the two regulatory bodies of the sport.
„We are very confident that the collaboration with the FIA and Liberty Media can make Formula One even more attractive and spectacular, while preserving its status as the ultimate technological challenge. Racing is in Ferrari's DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
Commenting on the announcement, FIA President Jean Todt said: “We are pleased that Ferrari is a signatory to the new Concorde Agreement, the three-way agreement that assures a stable future for the FIA Formula One World Championship.
„This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come.”
Formula One Chairman and CEO Chase Carey was delighted that the sport’s most important and most successful team has committed itself to the pinnacle of motorsport for a period of five years.
“Scuderia Ferrari and Formula One have gone hand in hand since 1950, and we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport.
„In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable. Now the scene is set to work together to ensure Formula One is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport,” Carey concluded.
Ferrari’s decision has been critical for the future of the sport as the Scuderia is the only team to have taken part in every year of the Formula One World Championship from 1950 to the present day.
The Maranello-based team is the most successful team in terms of the number of Drivers’ (15) and Constructors’ (16) titles and when it comes to race wins with 238. On 13th September at Mugello, it will become the first team to reach the milestone of having taken part in 1000 Grands Prix.