The agreement is between f1, the FIA and the teams and covers the conditions and governance of the sport for the next five years. Before announcing that all 10 teams have accepted the new Concorde, Haas` future was questionable, as team owner Gene Haas tried to understand the team`s chances of success. Steiner explained how he had to deal with Gene in the days leading up to the signing, as he added that Haas`s current business model would not change because of the new contract and that he would also post the racing point dramas. The agreement is, among other things, a trade document that defines how television revenues and Formula 1 prices will be distributed – and which are expected to expire at the end of the year. At the Spanish Grand Prix, Toto Wolff and Steiner revealed that Mercedes and Haas were about to sign the contract. Such an agreement, at present, speculation that some teams, like Mercedes, could not stay upright. Steiner: “I think it`s a difficult answer, because the F1 price is divided by your position that you finish, so when I say it`s the same, it`s not fair to say. The rest is like everything has value, and I think it`s the same for the show we put on. Certainly, the smaller teams will never be happy until they get more and it will be “unqual” in their favor. As far as the detail is concerned, I would not want to do the trade agreement here, but between the parties. Horner: “I think it`s a fair deal. If people hadn`t liked it, they wouldn`t have signed it.
I think everyone is treated the same. I`m sure that in your world, all journalists should be equal. The details of the content of the agreement will therefore remain confidential between the parties, and they will remain so. “The new agreement complements and builds on the excellent work of F1, FIA and all teams over the past few months on future financial, technical and sports regulations. A new trade agreement to reduce financial disparities between teams, to bridge competitive conditions and to close the performance gap is the next part of this process. “This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return safely to racing,” said Carey.