Ferrari and Williams have confirmed they have signed up the brand new 2021-25 Concorde Agreement together with the Formula 1 firm along with the FIA, cementing their futures at the tournament.
The Maranello organisation would be the next of those 10 present teams to officially announce it has signed up, after a statement from McLaren before on Tuesday.
Now is the deadline for early signing of this new deal, together with teams ensured a monetary bonus if they fulfill it. The last deadline for registering is in the end of the month. All groups are expected to satisfy the earlier deadline.
Ferrari CEO Louis Camilleri emphasized the new deal brings”stability and expansion” into the championship.
“We’re happy to have signed again to what’s popularly called the Concorde Agreement, that will govern F1 for the subsequent five decades,” explained Camilleri.
“It’s a significant thing to ensure the stability and expansion of this game.
“We are extremely confident that the cooperation with the FIA and Liberty Media will make F1 more appealing and spectacular, while maintaining its status as the supreme technological challenge.
“Racing is at Ferrari’s DNA and it’s no denying that the Scuderia is the only team which has engaged in each variant of the FIA Formula One World Championship, becoming an integral and essential element of its own success, now as in the past and, most importantly, in the future”
F1 manager Chase Carey expressed his joy in Ferrari’s decision to sign that the new terms set from the Concorde Agreement, also mentioning the group’s history from the tournament.
“Scuderia Ferrari and F1 have gone hand in hand because 1950,” said Carey.
“And we’re happy that this connection is set to last for quite a while, since it’s a component of their very DNA of the game.
“From the path that’s contributed to establishing the new Concorde Agreement, we’ve been in a position to value Ferrari’s constructive character, always geared toward creating the pinnacle of motorsport stronger, fairer and more sustainable.
“Now that the scene is set to function with each other to guarantee F1 is much more spectacular and appealing for its countless millions of enthusiasts from all over the globe who love this game.”
FIA president Jean Todt added:”We’re happy that Ferrari is a signatory to the new Concorde Agreement, the three dimensional agreement that guarantees a stable future for the FIA Formula One World Championship.
“Here is the pinnacle of motorsport and it’s natural that the most prosperous team in this series where it has ever been a protagonist, should continue to be for several years to come”
On Tuesday evening Williams became the third team to affirm that it’s signed the new thing.
“The new Concorde Agreement signifies a significant step ahead, for both F1 and Williams,” said deputy team leader Claire Williams.
“As among the game’s longest running groups, we’re very happy to determine the future leadership of F1 supported for another generation of racing.
“Our anticipation, aligned with Liberty Media, is that this second generation is going to be overrun by closer and more exciting racing as a consequence of the new system of regulations, including more equitable revenue distribution plus a first ever price cap for our game.
“The Arrangement is a significant landmark in the progression of F1, and represents a substantial opportunity for Williams to continue our journey towards the front of the grid”