MELBOURNE : All teams have signed Formula One’s new 2026 ‘Concorde’ commercial agreement to secure the Liberty Media-owned sport’s long-term economic strength, Formula One said in a statement on Sunday.
The teams include General Motors-backed Cadillac, who are due to enter next year as the 11th outfit.
“Formula One has never been in a stronger position and all stakeholders have seen positive benefits and significant growth,” the sport said at the season-opening Australian Grand Prix in Melbourne.
“The 2026 Concorde Governance Agreement will be finalised in due course.”
The governance agreement involves the governing FIA led by Emirati Mohammed Ben Sulayem.
The current and confidential Concorde Agreement, which governs the financial side including the teams’ share of revenues, expires at the end of 2025 and the new deal will run to 2030.
Sunday’s announcement comes after news Formula One chief executive Stefano Domenicali had his contract extended to the end of 2029.
Source: CNA
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