P1racenews AI automatic summary:
Ferrari’s long-standing bonus payment is set to be capped in the forthcoming Formula 1 Concorde Agreement, according to reports. The Concorde Agreement is a document set out by Formula One Management, the teams and the FIA concerning the regulations and commercial agreements surrounding Grand Prix racing. As it stands, the current Concorde Agreement runs through […]
The Concorde Agreement in Formula One is a crucial document governing regulations and commercial agreements among Formula One Management, teams, and the FIA. Currently in effect until 2025, discussions are ongoing for the new terms from 2026 onward. The distribution of prize money among teams is a key topic, with Ferrari historically receiving a bonus payment due to its longstanding presence in F1 since 1950. Ferrari’s bonus payment from the prize fund is set at a maximum of 5% below $1.1 billion and can reach up to 10% if the fund exceeds $1.6 billion. The proposed agreement aims to maintain Ferrari’s bonus at a capped 5% to ensure fair competition for all teams financially. F1 CEO Stefano Domenicali highlighted the importance of stability and ongoing discussions with teams for a stronger future in recent remarks, while Ferrari’s Team Principal Fred Vasseur chose not to disclose the team’s stance on the evolving Concorde Agreement during a recent event at Imola.
