The Formula 1 and the FIA have confirmed that all eleven teams have signed the new Concorde Agreement, establishing the governance framework for a new five-year deal. It was previously revealed that all teams, including newcomer Cadillac, had signed the commercial agreement. The Concorde Agreement, which was established in the 1980s, defines the policy and vision for the sport.
With the signing of the so-called Governance Agreement, the administrative aspect of the collaboration between the teams, Formula 1, and the FIA has now been formally established. In the run-up to the new technical regulations – which herald a new era for the sport – the Concorde Agreement forms the basis for stability and continuity within the sport. Formula 1 CEO Stefano Domenicali referred to it as a milestone.
“This is an important day for Formula 1,” he responded in an official press release. “As we celebrate 75 years of this incredible sport, we are proud to write the next chapter in our long and rich history. This agreement ensures that Formula 1 is in the best possible position to continue growing worldwide. I want to thank the president of the FIA, Mohammed Ben Sulayem, and all the teams for their cooperation and determination to achieve the best result for the entire sport during our discussions.”
Formula 1 as a Global Standard
Domenicali emphasized that the focus is firmly on the future. “We can be extremely proud of what we have already achieved, but at the same time, we are focusing on the opportunities that lie ahead and the potential of Formula 1 in the coming years.” FIA President Mohammed Ben Sulayem, who was re-elected for a second term last week, also underscored the importance of the agreement. “The ninth Concorde Agreement secures the future of the championship,” he added. “I want to thank Stefano Domenicali and his team for the strong collaboration that has led to a governance framework based on fairness, stability, and shared ambition.”
“This agreement enables us to further modernize our governance, technological, and operational capabilities,” Ben Sulayem continued. “In this way, we ensure that Formula 1 continues to lead in technological innovation and sets a new standard for a global sport.” The Concorde Agreement, which originated in the 1980s, regulates the day-to-day affairs within Formula 1. Although the exact details remain largely confidential, the agreement includes provisions on prize money, the maximum number of races per season, registration fees, and the budget cap.
