On August 18, 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde contract, while the following day, Formula 1 announced that the other teams had also signed the contract.  The new agreement, which was the first to be concluded under the new owner Liberty Media, is valid for seasons 2021 to 2025 and will come into effect on January 1, 2021. „The conclusion of the new Concorde agreement between the FIA, Formula 1 and the ten current teams guarantees a stable future for the FIA Formula 1 World Championship,“ said Mr Todt. It is also worth noting the Concorde Agreement, a contractual agreement between the teams and the FIA, which contains details on membership dues, prices and other financial conditions. The terms of this agreement, the sixth of its kind, are a strictly guarded secret. A seventh Concorde Treaty is expected to enter into force in 2013. Teams that once received additional payments will still receive them, but this proportion will be reduced and will go to the other teams – not that one of the parties will discuss the exact allocation; Some were not at all willing to talk about the agreement. Liberty Media expressed its desire for a more uniform distribution of funds from the moment they took over the sport, and they delivered on that front with the first Concorde they negotiated. Ferrari, McLaren and Williams announced their support for the revised race conditions on Tuesday, with the other seven manufacturers following. The agreement aims to achieve a more equitable distribution of the price. The current agreement is the seventh version signed in July 2013 and expires in December 2020.
The eighth Concorde agreement will enter into force in January 2021 and is expected to be close to conclusion, but discussion has been delayed due to the onset of coronavirus. „We said earlier this year that the Concorde agreement would take extra time to reach an agreement due to the fluid nature of the pandemic, and we are pleased to have reached an agreement between the ten teams on plans for the long-term future of our sport by August. On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012.  On July 18, 2005, Red Bull also signed an extension and Jordan/Midland two days later.  On December 7, 2005, Williams was the fourth team to sign a contract extension.  The three teams refused to sign the proposed concorde agreement, initially with the support of the remaining teams. On September 9, 1996, the new Concorde agreement was signed by all teams except McLaren, Williams and Tyrrell. The agreement was to apply from January 1, 1997 to 2002. On March 27, 2006, the five teams supported by the Grand Prix Manufacturers Association – BMW Sauber, Renault, Honda, McLaren and Toyota – submitted their bids for the 2008 season and agreed to remain in the sport until 2012.   On May 14, 2006, the five TEAMS supported by the GPMA signed a Memorandum of Understanding with commercial rights holders (CVC/Ecclestone) that served as the basis for the following agreement.  As a result, there was no complete agreement for the 2008 season, as the memorandum, extensions and agreements with the other teams served as a stop.“ The new agreement is a big step in the right direction for a healthier sport, and while the teams have all contributed to it, Liberty deserves real recognition for this situation. Despite some mercedes concerns in recent weeks about the location of the negotiations, most teams confirmed on the weekend of the Spanish Grand Prix that they were about to sign the new contract.
The Concorde agreement is a contract between the International Automobile Federation (FIA), the Formula 1 teams and the Formula 1 group, which imposes the conditions under which the teams participate in the races and the sharing of television revenues and price.