Ferrari has confirmed that it has agreed terms with the FIA and Formula 1 to continue competing in the championship through at least 2025.
Formula 1’s current Concorde Agreement – the arrangement that binds the teams to the championship – expires at the end of 2020.
Ferrari indicated at Silverstone that it was ready to sign the new Concorde Agreement and ahead of the impending initial sign-up deadline announced on Tuesday that it has completed its deal.
“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula 1 for the next five years,” said Ferrari CEO Louis Camilleri.
“It is an important step to ensure the stability and growth of the sport.
“We are very confident that the collaboration with the FIA and Liberty Media can make Formula 1 even more attractive and spectacular, while preserving its status as the ultimate technological challenge.
“Racing is in Ferrari’s DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
Formula 1 Chairman and CEO Chase Carey welcomed Ferrari’s deal.
“Scuderia Ferrari and Formula 1 have gone hand in hand since 1950 and we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport,” he said.
“In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable.
“Now the scene is set to work together to ensure Formula 1 is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport.”
McLaren became the first team to publicly commit to the 2021-25 terms earlier on Tuesday.
Williams, second to Ferrari in terms of Constructors Championships won, has also signed up to the new agreement.
Probably told they wouldn’t get their sweetener unless…..