"Strike while the iron is hot": F1 targets early renewal of Concorde Agreement with teams

Liberty Media CEO Greg Maffei has suggested that F1 could potentially renew the Concorde Agreement prior to its current expiry date in 2025. The current deal was signed in 2021 and will expire by the end of 2025.

Speaking to Wall Street analysts, Maffei was quoted by Motorsport Network as saying:

“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.”

He added:

“As you may recall, we went right to the end. And historically, in many cases, the teams have operated without a Concorde Agreement, they've basically done a handshake and then completed the deal post the period when the new Concorde was supposed to start.

“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.”

The Concorde Agreement is an agreement between the F1 teams, the Federation Internationale de l’Automobile (FIA), and the Formula One Group. It dictates the terms for revenue sharing, competitor rules, and prize money distribution.

The last Concorde Agreement was signed in 2021 when Chase Carey was the F1 CEO. According to Maffei, the new one could be signed before the current one expires, which is at the end of the 2025 season. The changing dynamic of the teams is one of the reasons stated for the potential early renewal.

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F1 team bosses hope for a longer deal in the Concorde Agreement

F1 team principals Toto Wolff and Christian Horner feel the next Concorde Agreement should be signed for a more extended period. Both believe that the agreement needs to be signed behind closed doors and not in the public domain.

Wolff claims that the conversation on signing a new one is yet to begin. Meanwhile, Horner feels the sport needs to maintain its inclusivity and outline the direction it will take for its future.

Commenting on the early renewal of the Concorde Agreement, Wolff told Motorsport:

“I think most important is to have this conversation behind closed doors. I think if we have a long, long period of alignment and a contract, such as Concorde, the longer it goes, the better it is, I think for all of our businesses. But we are in a very early stage.We haven't really started talking properly. That's going to happen soon. But it should happen in a constructive way. Not maybe live broadcast it and create controversy.”

In agreement with Wolff, Horner said:

“F1 has never been in a stronger position. I think Liberty have done a great job with the sport, we're seeing new markets, new growth, new fans, a new demographic of fans. And there's always going to be that debate between the teams and the commercial rights holder of who should have the more value. And look forward to the jousting that will no doubt take place, as Toto says, behind doors.

“But I think longevity is in the best interest of everybody to have a settled sport that has a clear direction for the future, and what its goals and objectives are, together with the technical regulations and sporting regulations and financial regulations that we want to develop for the future, to just continue to make the sport better and more appealing and more inclusive over the coming years.”

Both F1 team principals feel there will be debate whenever they talk about the agreement renewal. However, the duo agreed that a constructive and clear direction needs to be outlined for the future of the sport.