A Formula 1 press release said the new deal “will reduce financial and on-track differences between teams, help improve the playing field and create tighter races on the track that our fans want to see more” Negotiations on how to replace the 2013 deal began as part of broader discussions about the future of the sport in 2017, but the deadline for an agreement has been extended to 31 October 2019. It has been reported that the agreement is about to be concluded in January 2020.  However, it was ultimately delayed due to the COVID-19 pandemic.  During the 70th Anniversary Grand Prix weekend, Mercedes Team Principal Toto Wolff expressed dissatisfaction with the terms of the new agreement, which consisted of introducing a budget cap from the 2021 season and changing the distribution of prizes. Wolff believed his team would be the most negatively affected.  In response, the deadline for signing the agreement, previously set at August 12, was extended by one week. However, after discussions with Chase Carey, Wolff changed his position and agreed to sign the new agreement.  The new Concorde agreement aims to protect the value of established teams by requiring new entrants to pay $200 million, divided equally among 10 existing teams, in exchange for the right to revenue sharing in the first year of competition. So far, new entries only have the prize from the second year of the competition.  On January 19, 2005, Ferrari announced that it had signed an extension of the previous agreement, which expires on December 31, 2012.  On the 18th. In July 2005, Red Bull signed an extension, as did Jordan/Midland two days later. On December 7, 2005, Williams was the fourth team to sign an extension of the deal.
 The terms of the contract remain largely confidential, although its well-known provisions require signatory teams to show up and compete in each race and guarantee their right to do so in order to assure the newly acquired television audience of the sport that they should watch a race. Perhaps more importantly, the agreement gives OFAC the right to broadcast Formula 1 races on television – this right was “leased” to Formula One Promotions and Administration, a company founded by Bernie Ecclestone and owned by Bernie Ecclestone. Another important element was the stability of the rules, which was described as protecting teams from the “whims of the governing body”.  Such a deal washes up speculation that some teams, like Mercedes, might not stay. Formula 1 and the FIA say the new deal “will ensure the long-term sustainable future of Formula 1″ and work with the budget cap and new technical rules (from 2022) to “reduce financial and track differences between teams” and help “create a level playing field”. The new deal is a big step in the right direction for healthier sport, and while the teams are all doing their part, Liberty deserves real credit for making this possible. Ferrari`s argument for special treatment is obvious and can be better summed up in the parts of its announcement of the signing of the new deal: “The only team that has participated in the World Championship every year”, with a fan base of “more than 400 million worldwide”, and in a home race at Mugello in just a few weeks. will be the first team, which has reached the milestone of participation in 1000 Grands Prix.” On 18 August 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde agreement, while Formula 1 announced the following day that the other teams had also signed the agreement.  The new agreement, which was the first under liberty Media`s new owners, is valid for the 2021 to 2025 seasons and will come into effect on January 1, 2021. .