The COVID-19 Pandemic hasn’t altered the future of Formula One on an extreme level. It was thought in April 2020 that the smaller teams on the F1 grid wouldn’t sign the Concorde Agreement, which guarantees a manufacturers participation in the motorsport for a designated period. The 2020 Formula One Concorde Agreement will sustain itself until 2025 & has been designed specifically to retrofit the sport, making it ultimately more competitive.
August 19th marked the date when McLaren Racing, Williams Racing, and Scuderia Ferrari signed the 2020 F1 Concorde Agreement. Red Bull – Aston Martin Racing, AlphaTauri, Racing Point, Mercedes AMG-Petronas, Haas Racing, Renault, and Alpha Romeo had all previously signed earlier in the year.
An official statement was issued by the F1 Press Department, which evoked that the long-term sustainability of Formula One is guaranteed until 2025. The report emphasized that financial reductions & on-track concerns will drop drastically amid the new regulations. Combining these two attributes, the FIA & F1 are confident that their survival is guaranteed. All requests made from the teams and global supporters have been met for 2022, with overtaking increasing & closer competition in the championship points inevitably. The hope is that an influx of new supporters and old fans will return to Formula One by 2022.
Formula One CEO Evokes Hope to Supporters
The Chief Executive Officer of Formula One also issued a formal statement. Chase Carey incentivized that 2020 was unprecedented for their motorsport, and the world. He is proud of the F1 Grid & community of supporters in coming together for global racing. Statements from the Formula One CEO noted that the Concorde Agreement took a prolonged period to sign because of COVID-19. Each team required ample time to make an analyzed decision on what’s financially best for them moving forward. Chase Carey clarified his happiness with all 10 Teams agreeing to move forward in F1 until 2025.
Chase Carey finalized his sentiments by expressing excitement for closer racing in 2022, which will bring wheel-to-wheel action amongst the grid’s top teams & lowest. He noted that the foundations to return Formula One to its former glory has been set up and will arrive before financial turbulence strikes F1 Teams for a 2nd time.