Liberty Media boss Greg Maffei said at a conference in San Francisco that all teams are willing to extend the agreement, which expires at the end of 2025, early because they see certain advantages in it.
The consent agreement defines the obligations of the owner of commercial rights and teams, guaranteeing their participation in the championship in exchange for a percentage of the prize money.
Greg Maffei: “Almost always in history, the Agreement of Concord was discussed in disputes until the last minute, but now the situation has changed. I am grateful to Chase Carey and Stefano Domenicali for changing the position of the teams, with whom we are now much more united. This does not mean that they are willing to receive less, but everyone agrees that we earn this money together, that this is our common product.
The teams see benefits for themselves from the regime we have created together, they see benefits from the extension of this deal. And we discuss its early expansion on today’s terms. Teams see that we attract sponsors, sign lucrative contracts with promoters and broadcasters, expand our audience – in this situation they risk nothing. The teams are happy with this, so they all want to extend the current agreement.”
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.
