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F1

F1 targets FIA united stance with next Concorde Agreement

Liberty Media CEO Greg Maffei is hopeful the next agreement will be signed long before last-minute panic sets in akin to previous deadlines.

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Liberty Media CEO Greg Maffei is confident Formula 1 can show off unity with teams and the FIA by closing talks over the next Concorde Agreement ahead of time.

The process of the sport's incumbent outfits signing up to the Concorde Agreement is rarely an easy topic, with differing opinions offered from across the grid on a number of critical subjects drafted.

This leads to a stressful race to beat the deadlines set out, with divisions usually created between numerous parties, including F1 and the governing body.

F1's current agreement came into effect at the start of 2021 and runs through to the end of 2025, though there is seemingly already a desire to open discussions ahead of the next signing period.

'Looking to be quick'

Speaking at a Liberty Media investors Q&A, F1 CEO Stefano Domenicali explained: "We just signed a new Concorde Agreement and as always we are looking to be very quick.

"I would say the balance of what is on the table is very important for the eco-system. Just if you think back, more than two, less than five teams were asking for loans from Formula 1 to be alive and to survive and to make sure they were participating in the grands prix.

"Today, with the things we have done, the eco-system is very healthy and sustainable financially, and this has given value to our business. That is something that has been recognised by all the teams.

"So at the appropriate time, I think we are going to sit around the table, I think the teams will understand what we wrote for them and we will understand what we believe will be the right strategy to tackle that.

"That could happen sooner or later but we just signed the new one. So we need to prepare that in the best way that we can knowing that the elements we pit in place are the right ones."

'In everybody's interest'

Relations between F1 and the FIA have apparently strained in recent months, particularly around the process of new teams bidding to join the grid from 2025.

But Maffei has suggested an uncomplicated Concorde Agreement process could help bring the two parties together, along with existing outfits.

"Stefano and I were talking about this [the next Concorde Agreement], what we might want and when to go," said Maffei.

"We think it is in everybody's interest, the teams, ours and the FIA's, to solidify the success we collectively have had and show the world we are together moving forward.

"So I don't think this is going to go to the end the way prior ones have done."

Also interesting:

Balve Bains is joined by RacingNews365.com Editorial Director Dieter Rencken and Asia Correspondent Michael Butterworth to dissect the key talking points from the last week in F1.

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