Mercedes team boss Toto Wolff says he doesn’t think there’ll be any issues if F1 teams miss the early Concorde Agreement deadling.
There has been a lot of debate recently about the new commercial agreement that will replace the current Concorde Agreement for 2021. Toto Wolff has recently said that Mercedes was not in a position to sign the agreement as it stands right now and added most teams wanted some “cleaning up” of the terms before they would be ready to sign it.
F1 answered saying the finalization of the terms would not “be delayed any longer”. The early-sign deadline has been set for August 12 and then pushed back to August 18. The team’s that sign by this deadline receive a bonus. The final deadline for signing the agreement is August 31.
Toto Wolff says he doesn’t believe there will be any issues if teams fail to sign the agreement by the early deadline.
“I think what FOM [Formula One Management] wants to achieve is that it’s not being dragged out any further,” said Wolff.
“They’ve set that deadline, and made it clear that we’ve got to get on and sign the Concorde Agreement.
“I don’t think that if anyone fails to meet the 12th, or if large corporations need more time, that this is going to be an issue. There is a parity and transparency clause in all the contracts.
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“I completely understand where Chase [Carey] comes from to get this done and sorted, and I think it’s our sport, and we should find solutions.
“This is a partnership, and they need the teams and they need a strong commercial rights holder. I know why they put a line in the sand, to get basically everybody acting.
“I think they’ve been pretty successful with that. I wouldn’t pin it down to a day or two, or a few weeks.
“It’s all a matter of getting the assurances and the buy-in, and the commitment from the teams to move on and settle it quickly,” concluded the Austrian.