‘Racing is in our DNA’ says Ferrari chief as the team signs new F1 Concorde Agreement
Having raced in every Formula 1 season since 1950, Ferrari have signalled their commitment to remain in the sport by signing the new Concorde Agreement, the commercial agreement which outlines the terms under which Formula 1 teams will compete in the championship up until 2025.
Ferrari Team Principal Mattia Binotto had been outspoken about his team’s willingness to sign the Concorde Agreement in recent months. And after re-stating their commitment to signing at the 70th Anniversary Grand Prix, Ferrari announced that they had put pen to paper in the week following the Spanish Grand Prix.
“We are pleased to have signed up again to what is commonly known as the Concorde Agreement, which will regulate Formula One for the next five years,” said Ferrari CEO Louis Camilleri.
“It is an important step to ensure the stability and growth of the sport. We are very confident that the collaboration with the FIA and Liberty Media can make Formula One even more attractive and spectacular, while preserving its status as the ultimate technological challenge.
“Racing is in Ferrari’s DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula One World Championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
Commenting on Ferrari’s announcement, Formula 1’s Chairman and CEO Chase Carey said: “Scuderia Ferrari and Formula One have gone hand in hand since 1950 and we are happy that this relationship is set to continue for a long time, as it is part of the very DNA of this sport.
“In the path that has led to defining the new Concorde Agreement, we have been able to appreciate Ferrari’s constructive role, always aimed at making the pinnacle of motorsport stronger, fairer and more sustainable.
"Now the scene is set to work together to ensure Formula One is even more spectacular and attractive for the hundreds of millions of fans from around the world who love this sport.”