Liberty Media is pushing hard to renew Concorde F1 Agreement early

Liberty Media believes that signing a new F1 Concorde Agreement would lead to a win-win situation for everyone.

Liberty Media is pushing hard to renew Concorde F1 Agreement early

Mercedes (Credits: Planet F1)

Liberty Media has had control over the pinnacle of motor racing for several years, and its CEO, Greg Maffei, has indicated that there is a willingness among all the parties to have an early renewal of the Concorde Agreement. The first one was signed in 1981 and since then has been a major part of the sport.

The concord agreement is a contract between the FIA, the F1 teams, and the F1 group, which dictates the terms by which the various outfits compete in the sport and how the television revenues and prize money is distributed. It is an important part of the sport. Liberty Media wants to sign a renewal despite the current agreement running until 2025 because it feels the sport is in a strong position currently, and everyone will benefit from renewal.

https://www.youtube.com/watch?v=Mgp6jRJwPiQ

While talking about the same, he said, “We have several years left to run on the Concorde Agreement. But I think there’s a consensus among the teams and the FIA and ourselves that now might be a good time to try and strike while the iron is hot and renew and extend the Concorde Agreement. There’s certainly no obligation to do that. And there’s certainly no risk if that doesn’t get done.”

FS Video

He further adds, “Our hope is that this time, we’ll be able to change that dynamic, in part because of the way that Chase and Stefano have changed the dynamic with the teams in particular. I hope we have a more positive relationship, and everybody sees the benefit of going early and providing certainty for all involved.”

Greg Maffei has indicated the benefits of signing a new Concord Agreement and wants to get it out as soon as possible. He ardently feels that while the new agreement will help financially, it will also help all the teams have more clarity regarding the rules and the state of things at the pinnacle of motor racing.

Discover: Christian Horner feels it’s immensely crucial to prevent ‘paranoia creep’ between Max Verstappen and Sergio Perez

A potential new F1 Concorde Agreement’s Impact on new entrants

Australian GP
F1

While Liberty Media is pushing for the signing of a new Concorde Agreement and talking about its benefits for the current teams in the sport, a new agreement would most probably not be in the best interests of the teams that are trying to find a spot on the F1 grid in the upcoming years. The current Concorde Agreement has already made things quite tough for new teams to enter the sport.

Moreover, suppose a new agreement is signed between all the interested parties before the end of the current agreement, which runs until 2025. In that case, there is a very real possibility that while the current F1 teams will benefit immensely from it, things would get even harder for new teams to enter the sport. It is already very costly and it can get even more costlier and complicated with a new agreement.

Considering the rapid growth in the popularity in the growth of the pinnacle of motor racing in recent years, how do you see the sport developing if a new agreement gets signed between all the interested parties before 2025? Would it change the whole landscape of the sport, and how difficult would things get for new potential teams?

In case you missed it: