Formula 1 chief executive Chase Carey says the new Concorde Agreement which will bind teams to the sport from 2021 is on the verge of being concluded.

The famous charter, which was introduced in 1981 and named after the FIA’s Place de la Concorde headquarters in Paris, represents the legal foundation that governs the commercial arrangements between the FIA, the teams and the sport’s commercial rights holder, Liberty Media.

While the technical rules overhauling F1 in 2021 have been agreed, as well as the particulars associated with the introduction of a budget cap, the financial specifics linked to prize money distribution are still being reviewed by the teams.

But Carey, speaking at the World Economic Forum in Davos, Switzerland, suggested that the checkered flag for the negotiations was in sight.

“We’re in the final stages of it,” said the F1 chief.

“We have elements of the future resolved. We’ve had the rules, regulations, the cost cap, those things have been resolved.”

Carey insisted once again that F1’s technical and financial overhaul was all about leveling the playing.

“The underdog has to have a chance to win,” he added. “Ultimately this season you really had three teams that were competing to win.”

Last year, Mercedes conquered its sixth consecutive driver/constructor title, its supremacy in the sport coinciding with the advent of the hybrid era in 2014.

Since then, it’s been a three-way fight between F1’s front-runners – Mercedes, Ferrari and Red Bull. The last team outside of the top three to win a race was Lotus in 2013, which triumphed in the season-opening Australian Grand Prix thanks to Kimi Raikkonen.

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter

Sign up to get all the latest news and follow us on Twitter, Facebook, and Instagram.

Subscribe to the F1 and Coffee Podcast on Spotify and iTunes, and our YouTube Channel

Facebook Login JavaScript Example