What is F1’s Concorde Agreement.

The F1F1 is the pinnacle of open wheel,  single seater car racing and arguably the highest level of any motorsport globally.... There's more... Concorde AgreementThe F1 Concorde Agreement is a contract between Formula 1, governing body the FIA and the teams that compete in... There's more... is a contract between Formula 1Formula 1 is the pinnacle of open-wheel,  single-seater car racing and arguably the highest level of any motorsport globally. Also... There's more..., governing body the FIAFédération Internationale de l'Automobile is the association responsible for the interests of motoring organisations and motor car users across the... There's more... and the teams that compete in F1.

The agreement, among other things, is a commercial document that defines how F1’s television revenues and prize moneyPrize money is a significant part of the. funding structure for an F1 team. Teams receive a share of the... There's more... will be distributed. The agreement was set to expire at the end of 2020 and was replaced by a new version that will run until the end of 2025.

One of the biggest changes in the new agreement is the introduction of the Cost CapThe cost cap, or budget cap, is the amount of money a team can spend on the car's performance in... There's more....

To compete in F1, every team must sign the Concorde Agreement and new teams must buy in to receive a share of the revenue.

Its name is due to the first iteration of the document, which was drafted in 1981, being discussed at the FIA offices, on the Place de la Concorde in France’s capital Paris.