Toto Wolff considers Formula 1 is set to the”largest transition” in its own history during the upcoming changes to the financial and technical structure of this sequence.
F1 announced last Wednesday that the whole grid had fulfilled the early-sign deadline to its new Concorde Agreement, committing into the revised commercial conditions that will continue from 2021 into 2025.
In the center of the new arrangement is a much more equal distribution of prize money, which is an element of F1’s drive to make the tournament more competitive and sustainable.
The revised industrial conditions will operate in tandem with all the 2021 budget cap along with the upgraded technical regulations which can come into force in 2022.
Mercedes F1 chief Wolff said before the weekend’s Belgian Grand Prix it was no real surprise to observe everything 10 teams register, but he felt pleased to find discussions get across the line.
Wolff also called that F1 would confront some of the greatest changes in its history as a consequence of all of the planned shake-up.
“We’ve always said we wanted to remain in F1, so the arrangement was not always all that unexpected,” Wolff said.
“But we are happy that we can bring the discussions to a favorable decision.
“We are dedicated to our game and we are anticipating the forthcoming years that will see the largest transition F1 has ever noticed.
“This may reward nimble, open-minded teams that will adapt successfully to the requirements of their new rules”
Mercedes was in an stand-off with F1 within the new Concorde Agreement, believing its participation to the show and current achievement had been revealed through discussions.
Wolff formerly said in the British Grand Prix which Mercedes will be”the largest victim” with regard to prize fund reduction since the likes of Ferrari and Red Bull would maintain their valuable positions.
But at the week after the Silverstone race, Wolff held”very constructive talks” with F1 CEO Chase Carey, paving the way for Mercedes to register until the new Concorde Agreement.
Wolff affirmed in the Spanish Grand Prix the group had moved into a position where it had been prepared to put pen to paper on the new provisions, meaning it might satisfy the early-sign deadline.