Wolff: New Concorde Agreement the biggest transition the sport ‘has ever seen’

Mercedes boss Toto Wolff says the finalized Concorde Agreement represents the “biggest transition F1 has ever seen” as new rules aim to reduce costs and level the playing field in the coming years.

Last week it was announced all 10 teams on the grid had agreed to a crucial five-year deal from 2021 which guarantees the motorsport’s “sustainable” future and is designed to usher in a new era of closer and more unpredictable racing.

The agreement deals with commercial arrangements between teams, governing body the FIA and F1, and includes stipulations around things like prize money and broadcast revenue distribution.

A budget cap to close the gap between rich teams and the rest is a key foundation of the new Concorde Agreement, while so too are updated technical regulations.

Mercedes was the last team to sign but despite its initial hesitation, Wolff is excited about what the deal means for the future of the sport.

“We have always said that we wanted to stay in F1, so the agreement wasn’t necessarily all that surprising,” Wolff said. “But we’re happy that we could bring the negotiations to a positive conclusion.

“We are committed to our sport, and we’re looking forward to the upcoming years which will see the biggest transition F1 has ever seen.

“This will reward agile, open-minded teams who can adapt successfully to the demands of the new rules.”