Ferrari moves into 2021-2025 Concorde Agreement
Ferrari N.V. (RACE) announced that Ferrari S.p.A. has moved in to two agreements regarding the governing of Scuderia’s participation in the FIA Formula One World Championship during the next five year period between 2021 to 2025.
In the agreement signed with the Fédération Internationale de l’Automobile and Formula One World Championship Ltd., all parties brought the regulatory and governance matters of the highest level motorsport series into the table. The agreement between Ferrari and Formula One also defined the commercial aspects.
Scuderia Ferrari is the only team that has partcipated in every edition of the Formula One World Championship from 1950 to the present day which has become an integral and essential part of company’s success. Ferrari has over 400 million of fan base around the globe, Ferrari is best team in terms of the number of Drivers’ and Constructors. Scuderia Ferrari will achieve an honor on 13th September at Mugello as being first team to reach the milestone of taking part in 1000 Grands Prix.
Ferrari CEO, Louis Camilleri said, “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. 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.”
FIA President, Jean Todt said, “We are pleased that Ferrari is a signatory to the new Concorde Agreement, the three-way agreement that assures a stable future for the FIA Formula One World Championship. This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come.”
Chairman and CEO of Formula One, 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.”