F1 teams wait on FIA after signing crucial agreement

All Formula 1 teams have signed the latest edition of the Concorde Agreement, a vital deal that commits them to the sport for the rest of the decade. The Concorde Agreement is a tripartite pact between the teams, the FIA and Formula One Management, overseen by series owners Liberty Media, that governs crucial areas of the sport. There are two parts to the Agreement - commercial, that binds the teams and FOM, and oversees areas such as prize money, entry fees, broadcasting rights; and governance, that brings in the FIA, and its role within the championship. The Agreement is hugely complex, and at present the teams and FOM have finalised commercial arrangements. They are waiting on the FIA to finalise the deal on its side. The new Agreement oversees the 2026-2029 seasons, which means Cadillac - the new team that joins F1 in 2026 - has also put its signature on the document. A statement from F1 read: "Formula 1 can confirm that all teams have signed the 2026 Concorde Commercial Agreement, which secures the long-term economic strength of the sport. "Formula 1 has never been in a stronger position and all stakeholders have seen positive benefits and significant growth. We thank all the teams for their engagement during this process to reach the best outcome for the sport. "The 2026 Concorde Governance Agreement will be finalised in due course."