Concorde Agreement still needs work

F1 is currently finalising the updated set of commercial terms with all 10 teams that will come into force for 2021, with the existing Concorde Agreement expiring this year.

The new commercial agreements are aimed to introduce a fairer distribution of revenue between all 10 teams, as well as tweaking the governance structures.

Mercedes F1 boss Toto Wolff said on Friday that the team was not yet ready to sign despite a deadline of 12 August set for the agreements to be finalised, prompting F1 to respond by saying it would “not be delayed any longer” in pushing the deal through.

Wolff also said that most teams were unwilling to talk against commercial rights holder Liberty Media publicly about negotiations, and that most were still looking for some modifications to be made.

Racing Point team principal Szafnauer said he was still looking for some modifications to be made to the commercial proposals before committing to sign.

“The majority of the Concorde to us is fine,” Szafnauer said. “But around the edges, there is still a lot of stuff around the periphery that we aren’t fine with.

“Maybe another way to say it is there still needs some work for us to agree. So it’s not 100%. But it’s over 80% there.

“If we were to decide today, or asked to sign today, we would want more work on the 10% or the 5%…

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