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Carey targets end of F1’s Concorde Agreement

Carey targets end of F1’s Concorde Agreement

By: SportBusiness International team

Posted:
19 May 2017
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Formula One chief executive Chase Carey has said he will seek to eradicate the Concorde Agreement between the motor-racing series and its teams when its current term ends in 2020 in favour of forming a long-term strategy mapping out the future of the sport.

The Concorde Agreement is the contract which divides up the commercial revenues of the sport, including television rights and prize money, along with specifying technical regulations. It has long been a bone of contention between F1’s stakeholders and the efforts of the sport’s new owners, Liberty Media, to drive reform will be hamstrung until it ends in three years’ time.

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