All 10 Formula 1 teams have signed up to the new Concorde Agreement, committing them to the championship from 2021-2025. The aim of the new contracts between F1 and the teams was primarily to fix the flawed financial deals that were in place before, which guaranteed the top teams swept up too much of the money, making it almost impossible for the rest to catch up. In this video Scott Mitchell explains how the new deals are structured, including the terms of new, smaller bonuses for the bigger or long-standing teams, and better rewards for the rest in a more even distribution of F1’s cash

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