A new agreement between the Formula 1 teams, the F1 rights holders and the FIA is in the final stages of being concluded, says F1 CEO Chase Carey.

The negotiations on the new Concorde Agreement, which regulates the sporting and economic links between the FIA, the F1 rights holders and the GP racing teams, will soon be concluded, F1 CEO Chase Carey recently said during his visit to the World Economic Forum in Davos.

Some points of contention have already been resolved with the agreement on the 2021 rules and the decision to introduce a budget cap. However, discussions on the new distribution key for the prize money have not yet been concluded. Nevertheless, Carey is confident that it is on the right track.

“It’s in its final stages,” said the 66-year-old

“Some elements for the future have already been clarified, the rules are in place and we also reached agreement on the budget cap, so these things are off the table.”

Carey also took the opportunity to emphasise the sense of the extensive rule changes for 2021, as the changes were decided in an effort to achieve a slightly more balanced balance of power in the F1 field.

“The underdog must have a chance to win,” he said confidently. “And last year there were actually three teams fighting for the win.”

Hamilton pushes Mercedes, Wolff claims team can move forward without him

With the deal of Ferrari’s Charles Leclerc late last year, the door for Lewis Hamilton driving for the Scuderia was slammed firmly shut – the Italian Formula 1 team putting all it’s focus on the young Leclerc.

Where does this leave the British Champion? At present, Hamilton is after a new deal with….. READ MORE ON THIS STORY