• All 10 F1 teams agreed to new agreement.
• The Concorde Agreement will run from 2021 - 2025.
• Ferrari will be paid more than other teams.
• For more motoring stories, go to www.Wheels24.co.za
Every team has signed up to the 2021 - 2025 Concorde Agreement, finally ending a long period of uncertainty for Formula 1.
Earlier, clouds floated over the commitment of teams like Renault and even Mercedes, whose boss Toto Wolff said as recently as Silverstone that the reigning champions are the "biggest victims" of Liberty's proposed deal.
But smaller teams, like backmarker Williams, say the new agreement, featuring "more equitable revenue distribution", is a "significant opportunity to continue on our journey back towards the front of the grid".
'More sustainable' agreement
The small American team Haas is also celebrating, after owner Gene Haas openly admitted to contemplating pulling out of F1 until mere days ago.
"We've committed to five more years in F1," Haas announced on Twitter.
It is believed that Mercedes' main objection to Liberty's terms was the continuing preferential contractual status of its rival Ferrari.
Corriere della Sera, an Italian newspaper, said that while FIA president Jean Todt brags about the new Concorde making F1 "more sustainable, fair and exciting", Ferrari will still be paid more and retain its controversial rules veto.
"Ferrari's first victory of the year was at the negotiating table," the newspaper declared.
Former F1 supremo Bernie Ecclestone, however, defended Ferrari's preferential status.
He told Auto Motor und Sport this week: "We paid Ferrari more than anyone else because we got permission to use their brand. That way, we made sure that Ferrari would never change their name - they couldn't have called themselves Alfa Romeo or Maserati during the term of the contract. That would have made the Formula 1 worth a lot less."
Do you agree that Ferrari should get more in revenue than other F1 teams? Email us your thoughts.