The agreement is named after the Paris square where the talks took place. On August 18, 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde contract, while the following day, Formula 1 announced that the other teams had also signed the contract.  The new agreement, which was the first to be concluded under the new owner Liberty Media, is valid for seasons 2021 to 2025 and will come into effect on January 1, 2021. “We are pleased to have reached an agreement between the 10 teams by August on plans for the long-term future of our sport,” said Chase Carey, F1 CEO. “All our fans want more races, bike action and every team has a chance to get stormed on the podium. Disagreements between the two organizations, known as fiSA-FOCA, led to the cancellation of several races. Goodyear threatened to withdraw completely from Formula 1, an event that would have been commercially disastrous for the sport, and ecclestone organized a meeting of team leaders, Balestre and other FISA representatives in the FIA offices, Place de la Concorde, Paris, France. On 19 January 1981, all parties present signed, after thirteen hours of negotiations, the first Concorde agreement, named after the Paris Square where the talks were held. The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and show up at each race, guaranteeing their right to do so in order to assure the public of the newly acquired television of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been “leased” to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone. Another important element was the stability of the rules, which is described as protecting teams from “the whims of the governing body”.
 Winning teams of the title and teams that have finished in the top three in the last ten years are entitled to this pot, which is derived from a percentage of F1 revenue above a certain threshold – 20% of what F1 does over $650 million. Ferrari is part of it again, but also Mercedes, Red Bull, McLaren, Renault and Williams. While Ferrari`s track performance in Formula 1 is currently lacking, it can take a little consolation if you still have enough power off the track to get what it wants.