SILVERSTONE, England – Formulation A single winner maker Mercedes is not all set to signal F1’s new ‘Concorde Agreement’ due to the fact it hurts them most, staff boss Toto Wolff explained on Friday as the sport’s homeowners vowed to push on in any case.
The commercial settlement, placing out the phrases below which teams race and the share of revenues, expires at the close of this year with the new just one working right up until 2026.
Ferrari and McLaren have indicated they are all set to signal, but Wolff advised reporters at the 70th Anniversary Grand Prix that Mercedes — the staff of six-periods world winner Lewis Hamilton — experienced concerns to take care of.
“We are delighted with a more equitable break up of the prize fund, the way achievements is rewarded and doable for every person, we agreed to,” he explained.
“We are, I would say, the largest target in phrases of prize fund reduction in all of that.
“Ferrari has maintained an beneficial placement. For Red Bull it balances out with Toro Rosso (their junior staff). So it is us that are hurt the most.”
Ferrari have traditionally received specific payments reflecting their status as the sport’s oldest and most productive staff.
Wolff explained Mercedes, winners of the last six drivers’ and constructors’ championships experienced also contributed to the sport and experienced the driver with “plainly the most worldwide appeal.”
“We come to feel that while being in those negotiations we weren’t handled in the way we ought to have been,” he extra, declaring there have been legal, commercial and sporting matters to take care of.
“In our level of check out I really do not come to feel all set to signal a Concorde Arrangement,” he explained.
Asked how far absent Mercedes was from signing, Wolff explained it depended on the other aspect addressing the concerns and coming to a compromise consequence.
Formulation A single explained in a reaction that it experienced listened to all the teams: “This settlement is vital for the upcoming of the sport and all our followers. We are transferring ahead with this and will not be delayed any longer.”
Reporting by Alan Baldwin, modifying by Pritha Sarkar