Formula 1 Revolution: New Concorde Agreement Shapes Future of Racing

Formula 1's new Concorde Agreement, valid through 2030, aims to enhance race regulations and technical expertise. Signed by all teams, including Cadillac, it aligns with FIA's re-elected President Mohammed Ben Sulayem's vision. No public details have been shared; new regulations are set to transform 2024 racing.

Formula 1 has reached a milestone with the signing of a new Concorde Agreement, which will dictate the governance of the sport through 2030. This agreement comes as a collaborative effort between F1 teams and the FIA governing body.

The announcement on Friday confirmed that all 11 teams, including newcomer Cadillac, set to debut in 2026, have endorsed the agreement. While specific details remain confidential, the FIA emphasized investment in improved race regulation and expertise as key priorities for the championship's benefit. This significant development coincided with the unopposed re-election of FIA President Mohammed Ben Sulayem for another four-year term.

As the commercial aspects were finalized earlier in March, the Concorde Agreement remains a critical framework since its inception in the early 1980s. With major technical changes slated for 2024, including smaller cars and advanced aerodynamic features, the next F1 season is poised for novel racing dynamics, starting with the Australian Grand Prix on March 8.

(With inputs from agencies.)