Mercedes not happy with new F1 agreement, not ready to sign

SILVERSTONE, England – Components One champion maker Mercedes is not ready to indicator F1’s new ‘Concorde Agreement’ because it hurts them most, crew manager Toto Wolff explained on Friday as the sport’s house owners vowed to push on anyway.

The business arrangement, environment out the phrases below which groups race and the share of revenues, expires at the conclusion of this year with the new a person managing until 2026.

Ferrari and McLaren have indicated they are ready to indicator, but Wolff advised reporters at the 70th Anniversary Grand Prix that Mercedes — the crew of 6-times environment champion Lewis Hamilton — experienced difficulties to take care of.

“We are happy with a a lot more equitable split of the prize fund, the way results is rewarded and feasible for every person, we agreed to,” he explained.

“We are, I would say, the most significant victim in phrases of prize fund reduction in all of that.

“Ferrari has preserved an advantageous situation. For Crimson Bull it balances out with Toro Rosso (their junior crew). So it’s us that are harm the most.”

Ferrari have historically received exclusive payments reflecting their status as the sport’s oldest and most successful crew.

Wolff explained Mercedes, winners of the very last 6 drivers’ and constructors’ championships experienced also contributed to the sport and experienced the driver with “plainly the most international enchantment.”

“We truly feel that even though being in these negotiations we weren’t dealt with in the way we need to have been,” he included, expressing there ended up legal, business and sporting matters to take care of.

“In our level of perspective I really do not truly feel ready to indicator a Concorde Settlement,” he explained.

Asked how much away Mercedes was from signing, Wolff explained it depended on the other side addressing the difficulties and coming to a compromise consequence.

Components One explained in a reaction that it experienced listened to all the groups: “This arrangement is essential for the future of the sport and all our lovers. We are shifting ahead with this and will not be delayed any for a longer period.”

Reporting by Alan Baldwin, modifying by Pritha Sarkar