Formula 1 chief Chase Carey is determined to negotiate a fairer and more transparent distribution of wealth system than currently exists with the Concorde Agreement, with the goal of establishing long term partnerships that benefit all teams equally.
Carey told media, “We have the infamous document called the Concorde Agreement. Which is this agreement that comes up every six to eight years – it comes up in 2020 – which defines the financial arrangements with teams.”
“I think our goal is to create much more of a long-term partnership, not a partnership that sort has a point in time that you go out and renegotiate the next eight-year partnership, that there’s a continuum.”
The current system where each team negotiates a bespoke, secret deal has always created a divide and rule ethos which Bernie Ecclestone engineered and kept at all costs.
Carey explained, “It creates gamesmanship. If you’ve got that point in time, you have people posturing and positioning, ‘what can I get out of it?’.
“What I’d like to have is everybody’s priority being continually looking three years down the road, not looking at a specific point in time. I think they all welcome getting there, but we’ve got to drive it.”
Carey is keen to develop a sense of partnership between the teams, working together for the best interests of the sport, “Really what we’re doing is we’re saying we’re working as partners that compete on the track, but share a vision of where we’re going as a sport, and share the benefits of doing that together.”
“It’s a sport that historically that was a little bit every man for himself, and how do you game each other and the like, and that leads to: one plus one is one and a half.”
“If you could pull together and figure out what is the right path forward for everybody, you make: one plus one is three.”
“There’s no question of changing a culture that’s been embedded for that long will take some time, but I think it’s a transforming opportunity to really build a longer term, healthier relationship that benefits us both,” added Carey.