The current consent agreement, which can be regarded as the main law governing economic relations between Formula 1, the FIA and the World Cup teams, was signed in 2020, ie recently. According to Stefano Domenicali, no special difficulties are expected when it comes time to conclude a new contract, given the quite normal financial situation of the teams.
The President and CEO of Formula 1 means that if negotiations between all interested parties took more than a year last time before all the necessary agreements were made, working on a new contract will not take that much time.
“If you remember that in the past several teams have approached Formula 1 for financial support,” Domenicali said during a recent meeting with Liberty Media investors. – They asked for loans, because for them it was a matter of survival, the decision of which depended on whether they could participate in the Grand Prix.
But now, thanks to the measures we have taken, Formula 1 is in excellent shape, financials are good, which positively affects the market value of the company. All teams recognize this.
Therefore, when the time comes, we will complete the consent agreement and meet at the same table. I think the teams will be sympathetic to our proposals and we can determine the right strategy.”
The current consent agreement will remain in effect until the end of 2025.
Source: F1 News
I am Christopher Clyde, an experienced journalist and content writer with a passion for sports. I have been writing about Formula 1 news for the past five years and am currently employed as an author at athletistic.com, one of the top sports websites in the US.
