Liberty introducing new franchise model says Wolff

According to Mercedes team boss, Toto Wolff, new owners of F1, Liberty Media are looking to bring in a new franchise model to replace the current concorde agreement.

The Concorde agreement is the financial model currently in place for distribution of all prize money in the sport, devised by Bernie Ecclestone. It has often been criticized as a way to keep the richer teams at the top of the sport whilst the teams lower on the grid get less prize money and less influence on the sport.

The claim from Toto Wolff is that when the concorde agreement expires in 2020 it will not be followed up with a similar entity and instead a more secure and fair terms of agreement will come into place. Seemingly there is a plan in place to make sure that F1 teams do not have to renegotiate their place in the sport every eight years as they do currently.

Toto Wolff said on the matter: "Liberty Media has a very good approach, namely that the Concorde Agreement, as it was formerly called, will no longer exist, in principle, a team in future will have this 'franchise' forever, which helps to add value because you do not have to renegotiate every eight years."

Sam Gale