Ferrari signs new Concorde deal for $50-million annual bonus

Fernando Alonso (ESP) Ferrari on the grid with Bernie Ecclestone (GBR) CEO Formula One Group (FOM). Formula One World Championship, Rd 4, Chinese Grand Prix, Race, Shanghai, China, Sunday 18 April 2010.

Bernie Ecclestone with Fernando Alonso

Mar.28 (GMM) Ferrari‘s acceptance of the 2013 Concorde Agreement reportedly involves a $50 million annual fee to the Maranello based team.

It is believed that the Italian glamour team has now finalised its commercial agreement with Bernie Ecclestone.

The same is reportedly true for fellow top teams McLaren and Red Bull, whose annual additional fee is, according to German newsmagazine Der Spiegel, $35 million apiece.

Ecclestone wanted to announce the conclusion of successful Concorde Agreement negotiations in Malaysia, but major teams including Mercedes and Williams were yet to sign up.

Instead, the F1 chief executive released a statement saying deals had been done with ‘the majority’ of the teams.

Mercedes, in particular, is more than unhappy.

“It can ot be,” a Daimler insider is quoted as saying, “that transparency from our business partners is lacking regarding a contract through 2020.”

Subbed by AJN.
  • Alex

    It’s very complicated, tricky and sneaky. I’m glad F1 is a monarchy with Bernie running it.

    Teams come and go, F1 is there every season. It’s harder now with companies trying to impose their short term interest in F1.

    Why short term. If they were committed to F1 we would have BMW, Honda, Toyota factory teams that would have been participating/trying their best each year no matter the outcome (Like Ferrari, McLaren, Williams, etc). F1 would just be part of their balance sheet. But we live in greedy world.

    Best of health to Bernie!