SILVERSTONE, England – Formula Just one winner maker Mercedes is not ready to sign F1’s new ‘Concorde Agreement’ mainly because it hurts them most, workforce boss Toto Wolff reported on Friday as the sport’s proprietors vowed to push on anyway.
The commercial agreement, environment out the conditions under which groups race and the share of revenues, expires at the close of this year with the new just one jogging right up until 2026.
Ferrari and McLaren have indicated they are ready to sign, but Wolff advised reporters at the 70th Anniversary Grand Prix that Mercedes — the workforce of six-periods world winner Lewis Hamilton — experienced concerns to take care of.
“We are satisfied with a far more equitable break up of the prize fund, the way achievement is rewarded and attainable for every person, we agreed to,” he reported.
“We are, I would say, the major target in conditions of prize fund loss in all of that.
“Ferrari has preserved an useful placement. For Crimson Bull it balances out with Toro Rosso (their junior workforce). So it’s us that are harm the most.”
Ferrari have historically gained special payments reflecting their standing as the sport’s oldest and most productive workforce.
Wolff reported Mercedes, winners of the final six drivers’ and constructors’ championships experienced also contributed to the sport and experienced the driver with “clearly the most worldwide appeal.”
“We really feel that although becoming in individuals negotiations we weren’t dealt with in the way we ought to have been,” he extra, indicating there were being authorized, commercial and sporting subjects to take care of.
“In our place of view I never really feel ready to sign a Concorde Agreement,” he reported.
Questioned how considerably absent Mercedes was from signing, Wolff reported it depended on the other facet addressing the concerns and coming to a compromise result.
Formula Just one reported in a response that it experienced listened to all the groups: “This agreement is critical for the potential of the sport and all our lovers. We are going forward with this and will not be delayed any for a longer period.”
Reporting by Alan Baldwin, modifying by Pritha Sarkar