Liberty to introduce ‘franchise’ model for F1 – Wolff

Jul.27 (GMM) Liberty Media is looking into replacing the F1 teams’ current ‘Concorde Agreement’-type commercial contracts with a franchise model.

That is the claim of Mercedes team boss Toto Wolff, amid rumblings that early talks about the commercial direction of the sport post 2020 have already begun.

The current income distribution model, devised by the now-ousted former F1 supremo Bernie Ecclestone, is highly controversial as it heavily weights payments to the richest teams and leaves the smaller outfits struggling for influence and survival.

What does seem clear is that Ecclestone’s ‘Concorde’ agreements will be allowed to simply lapse.

“Liberty Media has a very good approach, namely that the Concorde Agreement, as it was formerly called, will no longer exist,” Wolff told Austria’s ORF broadcaster.

“In principle, a team in future will have this ‘franchise’ forever, which helps to add value because you do not have to renegotiate every eight years,” he revealed.

Related News

  • 21/03/2019 Wolff rubbishes breakaway series rumours Mar.21 (GMM) Toto Wolff has rubbished rumours he might be part of a movement to set up a rival world championship. Auto Motor und Sport reveals that, last month, the Mercedes boss met […]
  • 04/07/2019 F1 stock market listing hurting Liberty – Ecclestone Jul.4 (GMM) Liberty Media is struggling to negotiate F1's future after listing it on the Nasdaq stock exchange, according to former supremo Bernie Ecclestone. The American company bought […]
  • 27/03/2019 Ecclestone backs Wolff over budget cap Mar.27 (GMM) Bernie Ecclestone has backed Toto Wolff's position over the proposed F1 budget cap. Amid tense negotiations between Liberty Media, the FIA and the teams over the 2021 […]
  • 04/11/2016 Brawn to be new F1 supremo ‘nonsense’ – Ecclestone Nov.4 (GMM) Bernie Ecclestone has moved to put a lid on speculation he is about to lose his spot at the very top of F1. Reports this week suggested former Ferrari and Mercedes chief Ross […]
  • 07/03/2018 Liberty doesn’t understand F1 technology – Marchionne Mar.7 (GMM) Sergio Marchionne has told Liberty Media to back off and let Ferrari get on with the business of making F1 cars. Recently, the Ferrari president said he disagreed with […]
  • 30/01/2017 Experts doubt Ecclestone will go quietly Jan.30 (GMM) The F1 world is poised to discover 'deposed' supremo Bernie Ecclestone's next move. The sport's long-time but now former chief executive has denied reports he is planning a […]
  • 29/01/2018 F1 at risk of political turmoil – Berger Jan.29 (GMM) Toto Wolff says he misses F1 supremo Bernie Ecclestone's ability to get things done. The Mercedes boss says Liberty Media has been in a "honeymoon period" since succeeding […]
  • 06/11/2017 Mercedes, Ferrari hit back at Liberty plans Nov.6 (GMM) Top teams Ferrari and Mercedes are pushing back against Liberty Media's plans to modernise formula one. Ferrari is threatening to quit the sport after new F1 owners Liberty […]
  • 01/11/2016 Brawn signs deal to replace Ecclestone – report Nov.1 (GMM) Ross Brawn has already signed a contract to become F1 supremo Bernie Ecclestone's successor. That is the claim this week of Auto Bild Motorsport, in the wake of reports […]
  • 27/05/2017 F1 income must not be ‘socialism’ – Haas May 27 (GMM) F1 must be "very careful" as it moves to shake up the income distribution model in the near future. That is the warning of Gene Haas, the American billionaire owner of the […]