Concorde Agreement
Credit: Ferrari

Ferrari are ready to sign the new Concorde Agreement, with the current agreement set to expire at the end of this season.

To date, no team has agreed to sign the new Concorde Agreement, with a number of discussions between teams and the FIA having taken place over the last few months.

The COVID-19 pandemic had put a halt to talks, but it is understood that these have begun again and progress has been made between all parties, and Ferrari Team Principal, Mattia Binotto has now confirmed that Ferrari are ready to sign it.

“The Concorde Agreement and where we are today is the output of long discussions we have between the teams and certainly with the F1.” Binotto said in Friday’s FIA press conference.

“As far as Ferrari [are concerned], we are ready to sign.

“We would like to sign it even, I think, quite soon.”

Although Ferrari will only be considering their position when it comes to the agreement, Binotto also added that the agreement provides clarity for the series and that it is also important for smaller teams.

“I think that’s important for the future, for clarity, at least we can all know where we are.” he added.

“I think it’s important as well for the small teams, somehow because that’s part of the entire, let me say, package. So, looking ahead with clarity is important.

“I think we are as well somehow happy because we know that F1 has understood the importance of the role of Ferrari within F1, and for us that was key.”

But, while Ferrari are happy with the terms, Racing Point Team Principal, Otmar Szafnauer added that there are still some parts of the agreement that need ironing out.

“As was previously said, this was a logical incrementalism to get to this point.” commented Szafnauer

“I think a lot of work has gone into it and I don’t think we’re that far off to having something that we can all sign but there’s still a few talking points which I think will happen in the short terms.”

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