The current consent agreement, which defines the relationship between Formula 1 owners and teams, expires at the end of 2025. Speaking to Wall Street analysts, Greg Maffei, CEO of Liberty Media, spoke of a focus on an early refresh of the document.
Greg Maffei: “There are still a few years before the end of the Agreement, but the teams, the FIA and we have come to the general conclusion that now is the right time to extend it. There is no obligation to do it now and there are no risks if it is not done, but there is no reason to put it off until the last minute, as before.
Historically, teams often worked without a consent agreement, entering into a verbal deal and then confirming it when the new agreement began. We hope to move away from this practice, thanks to the fact that Chase Carey and Stefano Domenicali have changed the dynamics of working with teams. Now we have a more positive relationship and everyone understands the benefits of an early renewal of the contract, which will provide security for all participants.”
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.
