SILVERSTONE, England – System A single champion manufacturer Mercedes is not ready to indication F1’s new ‘Concorde Agreement’ mainly because it hurts them most, crew manager Toto Wolff reported on Friday as the sport’s owners vowed to push on anyway.
The industrial agreement, placing out the conditions underneath which groups race and the share of revenues, expires at the close of this yr with the new one particular operating until finally 2026.
Ferrari and McLaren have indicated they are ready to indication, but Wolff explained to reporters at the 70th Anniversary Grand Prix that Mercedes — the crew of 6-situations entire world champion Lewis Hamilton — experienced concerns to take care of.
“We are content with a additional equitable break up of the prize fund, the way good results is rewarded and attainable for most people, we agreed to,” he reported.
“We are, I would say, the greatest target in conditions of prize fund loss in all of that.
“Ferrari has taken care of an beneficial placement. For Red Bull it balances out with Toro Rosso (their junior crew). So it is us that are harm the most.”
Ferrari have historically obtained particular payments reflecting their status as the sport’s oldest and most profitable crew.
Wolff reported Mercedes, winners of the previous 6 drivers’ and constructors’ championships experienced also contributed to the activity and experienced the driver with “evidently the most international enchantment.”
“We truly feel that even though remaining in these negotiations we weren’t treated in the way we really should have been,” he included, stating there had been legal, industrial and sporting subject areas to take care of.
“In our level of see I never truly feel ready to indication a Concorde Settlement,” he reported.
Requested how significantly away Mercedes was from signing, Wolff reported it depended on the other aspect addressing the concerns and coming to a compromise outcome.
System A single reported in a response that it experienced listened to all the groups: “This agreement is crucial for the future of the activity and all our followers. We are going ahead with this and will not be delayed any for a longer time.”
Reporting by Alan Baldwin, editing by Pritha Sarkar