Formula One Teams Unite: New Concorde Governance Agreement Signed

Formula One's 11 teams have signed a new Concorde Governance Agreement, which outlines the sport's regulatory framework until 2030. This agreement marks a fresh era of collaboration with the FIA and ensures the participation of all teams, including the new Cadillac team, until the end of the decade.

In a significant move, Formula One's 11 teams have come together to sign the new Concorde Governance Agreement, establishing the sport's regulatory framework until 2030. This milestone marks the ninth iteration of the Concorde Agreement since 1981.

The new agreement signals a major advance in the professionalization and global development of Formula One, highlighting an enhanced collaboration with the Federation Internationale de l'Automobile (FIA). All existing teams, along with the new entrant Cadillac Formula One team, have committed to participate through the decade's end.

This agreement will enable the FIA to channel investments into robust race regulation, improved race direction, and technical expertise, ensuring the sport's continuous evolution. The previous agreement, which governed financial distribution, is set to expire by 2025.

(With inputs from agencies.)