How will the new Concorde Agreement impact Formula 1?
The Concorde Agreement, which could be settled at any time, is the backbone of the sport. It will include specifications regarding engine restrictions, how many teams will be in the sport, spending boundaries, and how teams will be run.
The governing body of Formula 1 (F.I.A.) and the Formula 1 Association, which is run by the Liberty Media Group, have already agreed to have as many as 24 races, which are two fewer than next year’s total of 22 races. New races include the Dutch Grand Prix at Zandvoort and the Vietnamese race in Hanoi. But both races are yet to be confirmed.
Many other races are in the works, too, including a proposed second United States Grand Prix, which would be run around the parking lot near Hard Rock Stadium in Miami, Florida. If that race becomes a reality, it will supplement the current race at Circuit of the Americas in Austin, Texas.
More races, like the South African Grand Prix, and those proposed for Turkey, Sweden, and Portugal, are also in the running. But with changes having been made to those circuits, it is questionable whether any of the sites would pass F.I.A. regulations.
Another matter to be worked out–especially with the popularity of Formula E–is how many teams will be included in the championship. That includes whether smaller teams will be included, such as the Campos team from Spain named Campos.
While it seems like Ferrari, a team that has been in the sport since it began, would have no trouble remaining, others like Mercedes, Red Bull, Renault, and Haas are questioning everything–especially about what their respective results might be over the next couple of seasons.
Honda, which just returned with their engines in partnering with Red Bull Racing, is looking for better results before it can continue past 2020. Renault–a team that has withdrawn twice before–is considering whether it can be a full-works team or should turn to Honda as its engine supplier. Haas–with its smaller budget–is figuring out how to improve its chances fo success, including whether it can find another sponsor to replace Rich Energy.
With so many issues and questions, there is uncertainty about the sport’s future. But no matter how the Agreement turns out–and how many companies compete in Formula 1–fans will have the last say, as they always do. The popularity of Formula 1–including its financial future–ultimately depends on fan support.
