Presidency discussed
The presence of Mohammed Ben Sulayem driving the FIA in the last year has caused some too much shock in relations between the international federation and Formula 1. However, the problems seemed to be more connected to the ‘personal’ characteristics of the president, including a certain one tendency to want to be the center of attention – as it had been in the lawsuits on the alleged financial valuation monster of F1 made by a Saudi investment fund – rather than a real power struggle between the Circus and the federation.
Divisive themes
Although they are not missing controversial episodes inside the track – the management implemented by race director Niels Wittich of the last Australian GP, with three red flags – and out – the management of the eventual entry of new teams into Formula 1 – the relations between the two most important entities in the world of motorsport seem be less glacial compared to a few months ago. This is certainly positive news for the sport, also because in the coming years FIA and F1 will have to sit around a table to once again renegotiate the famous Concorde Agreementwhich regulates the ‘coexistence’ between the two parties.
The Concorde Agreement
The latest Pact, the eighth in history since the original one which was stipulated in 1981, was also the first which involved Liberty Media as mistress of the Circus and dates back to 2021. The last season to be covered by this agreement will be the 2025 season. That will also be the final season of this regulatory cycle, with theadvent of the new power units expected for 2026. The next document that will be drawn up, therefore, will have to guarantee the proper functioning of the sport at least until the 2030 season.
The growth of the Circus
Of course, there is plenty of time available, but it is good to start thinking about what to do, as confirmed by the CEO of Formula 1 himself, Stefano Domenicali. Speaking recently at a Liberty Media investor conference, the Italian manager said confident that the process of defining the new provisions will not be dramatic. “We have recently signed a new agreement and as always we are trying to be very fast – explained the former Ferrari team principal – I would say the balance of what’s on the table is very important to the ecosystem. If you think about the past, several teams were asking for loans from Formula 1 to survive and ensure that they could participate in Grands Prix“.
There’s no rush, but…
Now fortunately, the financial situation that he is experiencing Formula 1, as well as the teams that are part of the championship, is profoundly different. “Today the ecosystem is very healthy and financially sustainable – continued Domenicali – and this has given value to our business. This is something that has been recognized by all the teams. Sooner or later we will sign a new agreement – he concluded – but we signed the contract recently. So we have to prepare it in the best possible way, knowing that the elements we are fielding are the right ones“.
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