Liberty Media CEO Greg Maffei said the Formula 1 teams have received a draft of a new Agreement of Agreement, which will come into effect in 2026.
It remains to be discussed, but Maffei is confident that there will be no significant disagreements and that a new agreement will be signed, as after Formula 1 came under the control of Liberty Media, the financial situation of the teams has been improved considerably.
Greg Maffei: “We just sent the draft of the new Agreement of Agreement to everyone. Negotiations have already taken place with some teams, with others they still need to take place, but we have reason to believe that they will go quite smoothly.
I’m sure there are teams that want more money from us than we want to give them, so there may be some tension, but I count on good will. We have created conditions that allow teams to not only earn more from Formula 1, but also sign strong sponsorship deals, like Red Bull, McLaren and even Ferrari did with HP.
The teams are doing much better than before we arrived. Therefore, I hope that the goodwill in our relations will continue.”
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.
