Ferrari are ready to sign new F1 Concorde Agreement, says Binotto

Formula 1’s most famous team Ferrari say they are ready to put pen to paper on a new commercial deal – widely known as the Concorde Agreement – with the current arrangement set to expire at the end of the year.

F1, governing body the FIA and all 10 teams have been locked in talks for several months, though they were temporarily put on the backburner in March when the coronavirus pandemic struck the world.

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But in recent weeks, progress has been made, thanks to collaboration and solidarity between all stakeholders, with Ferrari Team Principal Mattia Binotto saying he is happy with the terms as they have been laid out.

“The Concorde Agreement and where we are today is the output of long discussions,” he said when speaking ahead of the Hungarian Grand Prix on Friday. “As far as Ferrari [is concerned], we are ready to sign. We’d like to sign it, I think even quite soon.

“That’s important for the future, for clarity, at least we can all know where are – I think that’s important as well for the small teams somehow because that’s part of the entire, let me say, package.

“So looking ahead with clarity is important so we are ready to sign. I think as well we are happy as we know F1 hasn’t disturbed the importance of the role of Ferrari within F1 and that for us was key and we are satisfied on that.”

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Meanwhile, McLaren say they are ready to sign the new commercial arrangement “imminently”.

“The new Concorde Agreement complements the financial, technical and sporting regulations and secures a strong basis for the sustainability, growth and success of Formula 1 and all its stakeholders,” said McLaren CEO Zak Brown.

“Liberty Media, F1 and the FIA, together with the teams, have worked diligently to protect the sport through the COVID-19 crisis, our return to racing and into the long term.

“McLaren Racing is fully committed to Formula 1 and we are ready to sign this new agreement imminently.”

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