Formula 1 chief executive Chase Carey says talks are still ongoing with teams over the elaboration of a new Concorde Agreement but insists discussions are “constructive”.

For decades, Grand Prix racing’s binding commercial arrangements between the rights holder and the teams have been regulated by the successive variants of the historic document.

After agreeing on a new technical platform that will be introduced next year, F1 teams and the sport’s’ chiefs are now focused on securing the all-important legal contract that will serve as the basis for F1’s commercial future.

“We’ve got agreements on the table, and we’re comfortable. We’ve put together a proposal that is fair to everybody,” Carey told

“We’re in discussions with the teams, I think they’re constructive. I think the sport will be better for the fans, better for the teams and better for everybody.

“We think it’s a real step in the right direction on all the fronts we’ve talked about before.

“We haven’t finished it, but we’re in a good place, and we’d like to get it done. It’s for 2021, so there obviously is time. All along we’ve tried to make it more of a partnership, understand the various issues.

“We weighed all those, put forward what we think is again a fair and balanced proposal for everybody, and we’ll do our best to get it finalised as soon as possible so we can focus on what is most important which is growing the sport.”

The task of reaching a compromise that serves the interest of the big teams and the smaller outfits has been a complex and lengthy process.

But Carey insists that everyone’s view was taken into account over the past year, while the American executive insists that the document will remain a work in progress going forward.

“I think we’ve listened to everybody; we’ve tried to be responsive to everybody,” he said. “At some point, this is how we’re going to race in 2021.”

“I think we’ve said all along that this is not like we’re done,” Carey said.

“It’s a big step, but it’s a step. There’ll always be more to do. I think there’ll be things in what we’ve done that you continue to modify as things evolve.

“I think this is an important step to put the sport in a much better place as a sport, and the health of the sport, and the sport for fans, but it will be an ongoing process.

“Clearly we’re not done. We’re not claiming that.”

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