Mercedes AMG Formula 1 Team Principal, Toto Wolff has said that his team are the “biggest victims” of the proposed prize fund in the new Concorde Agreement.
The New Concorde Agreement’s deadline of 12 August is fast approaching and while the likes of Ferrari and McLaren have publicly stated that they are happy to sign the new agreement, Mercedes Team Principal Wolff is less keen as he feels the agreement hurts his team the most.
Due to Mercedes’ dominance throughout the hybrid era, Liberty Media are keen to introduce a raft of new regulations in order to even the playing field, so that multiple teams can be battling for championship glory in the future, and in order to achieve this, they have proposed a more equal split of the prize money that is distributed every year.
But, while Wolff accepts that the prize fund should be more equal, he believes his team has not been treated in the way it should have been throughout the negotiation process.
Speaking in Friday’s FIA press conference for the 70th Anniversary Grand Prix, Wolff said: “We from Mercedes made it very clear that we are happy with a more equitable split of the prize fund, the way success is rewarded and possible for everybody we agreed to.
“We are I would say the biggest victim in terms of prize fund loss in all of that.
“Ferrari has maintained an advantageous position. For Red Bull it balances out with Toro Rosso (sic). So it’s us that are hurt the most.
“I feel that Mercedes has contributed to the sport over the last years.
“We have part from being competitive on track, we have the driver that has clearly the most global appeal and we feel that whilst being in those negotiations we weren’t treated in the way we should have been.
“Therefore there are a bunch of open topics for us that are legal, commercial and sporting and in our point of view I don’t feel ready to sign a Concorde Agreement.”
But, while Wolff is not happy to sign the new agreement as it currently stands, he has confirmed that he is willing to discuss the matter further with Liberty and the other teams in order to find a compromise, although at this stage nothing has been proposed.
“If you are willing to sit at a table, address the critical topics, discuss them, come to a compromise outcome, then I think it can go pretty fast. But I haven’t seen that approach.”