Amid the COVID 19 crisis, Chase Carey, Formula 1 boss, has come up with new negotiable terms over the Concorde Agreement. This new term is implemented on the back burner. This has been upgraded among the address to the Corona crisis.
The old terms and agreement of Concorde are to run out at the end of this year. This follows the making of another similar agreement with new terms on it. The plan has been up since the past few years with new sports owners want to restructure the payment and financial set up to an equitable system.
As the terms have not been signed upon, they aren’t official till next year of course. Carey said in one of his meetings that they were in the last stages of the agreement terms when the crisis hit it and turned everything upside down. They have put the Concorde on the back burner for a short term with most of the terms relating to 2020 outcomes and the immediate future. On the question of chances, whether the terms may be extended to 2021, he answered in a different way. He says the new 2021 Concorde Agreement may be put away and put into action without the teams agreeing to them. The reality explained by him is that when you get into 2021, and you are with the FIA on the Concorde, then there will be dealing on a unilateral scale. These are pertaining to the rules of the road or the structure existing. SO, there is no need to extend those terms.
So, essentially, we can say that these are terms they will be racing on. That’s all.