The Concorde Agreement has been in place in Formula One since 1981. Now, in 2020, the Eighth Concorde Agreement is said to be reaching its conclusion soon. According to F1 CEO Chase Carey, the new agreement is close to being approved by all the F1 teams.
Admittedly, the 2021 technical rules are already in place, along with a budget cap, with the announcement coming ahead of the 2019 US Grand Prix. However, all 10 teams are still debating the financial technicalities regarding prize money distribution.
Speaking at the World Economic Forum in Davos, Switzerland, Carey indicated that the negotiations will soon end. He was confident that it was only a matter of time until all the pieces fell into place. The 66-year old insisted that the sport’s technical and financial overhaul catered to leveling the pack.
“The underdog has to have a chance to win,” he said at the forum. “Ultimately this season you really had three teams that were competing to win.”
Over the last few years, Mercedes F1 have become the team to beat and have practically conquered the hybrid era since 2014. The likes of Scuderia Ferrari and Red Bull have tried to mount a threat, but to no avail.
Though in their defence, the two are still quick enough to widen the chasm between themselves and the battle for ‘Best of the Rest’. In fact, the last non-Mercedes, Ferrari or Red Bull win was Lotus in 2013, courtesy Kimi Raikkonen in the season-opening Australian Grand Prix.
The previous lead trio were Red Bull, Ferrari and McLaren. However, the latter tumbled down the order once the V6 Turbo Hybrid era began. The good news for the Woking squad is that they have been on a steady climb back up. The British marquee is aiming to make the Top 3 a Top 4 battle and return back to the podium.
Since their return in 2010, Mercedes took their time to get up to speed. However, once they did, they were unstoppable. With Lewis Hamilton behind the wheel, Mercedes will continue to remain strong favourites.