FIA president Jean Todt says Formula 1 teams should agree new commercial agreements “as soon as possible” following the publication of the 2021 regulations.

New technical, commercial and financial regulations were agreed and approved by the World Motor Sport Council (WMSC) on Thursday, including a cost cap at $175 million and radically different cars designed to allow closer racing. While the unanimous WMSC approval includes a vote from Ferrari, the teams do not currently have commercial agreements – known as the Concorde Agreement – to race in F1 beyond the end of 2020, and Todt wants them to move quickly to commit.

“There is no specific rules in terms of latest date for entering, but it’s just a question of good sense,” Todt said. “Now the regulations are quite clear, what is missing will come very shortly. All the things that needed to be known are known, and it’s in the best interests of everybody to commit as soon as possible.

“The teams are employing hundreds of people, there are sponsors behind them, there are so many things behind that people need to commit as soon as possible to secure the good process of the 2021 championship. So I would hope that the good sense will prevail and that we will be in the best condition to start the 2021 championship.

“If that will not be the case, we will then of course have the opportunity of opening the process to allow new teams to come in.”

F1 CEO Chase Carey added that there has not been a delay on that front, with teams simply not having prioritized that aspect of negotiations and only recently developing specific agreements.

“The regulations are approved, the don’t require signing,” Carey said. “In terms of the governance and profit-sharing components – which are not regulatory per se, but are more agreements with the teams – the don’t have a specific deadline. What we’ve put in place will be the rules in 2021. 

“We’d like to get them (commercial agreements) finalized and signed as soon as possible. In fairness to the teams, while we’ve gone through all the material concepts with them, it’s only in the last few weeks we’ve distributed the detailed agreements. Because these regulations had a hard date to be approved – which was the end of October – they’ve been more the focus from an agreement perspective.

“The teams in recent weeks have gotten the formal, complete agreements relating to the other components. So we are looking to finalize those as soon as possible, but they will be the rules that are in place for 2021.”

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