Carey keen to scrap Concorde Agreement for long-term 'partnership'

F1 CEO Chase Carey wants a new long-term 'partnership' system to replace Formula 1's current Concorde deal which has historically governed the commercial relationship between the teams and the sport's owner.

The agreement which prevails until 2020 has left F1's smaller teams with a raw deal and inequity when it comes to revenue distribution.

Carey is aiming for a better overall system and one which would not required a fixed deadline for renegotiation.

"We have the infamous document called the Concorde Agreement," said Carey.

"Which is this agreement that comes up every six to eight years – it comes up in 2020 – which defines the financial arrangements with teams.

"I think our goal is to create much more of a long-term partnership, not a partnership that sort has a point in time that you go out and renegotiate the next eight-year partnership, that there's a continuum."

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The American executive argues that having a deadline on the horizon only generates a sense self-interest  among the teams as everyone fights for their own benefit.

"It creates gamesmanship. If you've got that point in time, you have people posturing and positioning, 'what can I get out of it?'.

"What I'd like to have is everybody's priority being continually looking three years down the road, not looking at a specific point in time. I think they all welcome getting there, but we've got to drive it."

While Carey believes the benefits of his vision will ultimately be realized by the teams, changing F1's specific mentality will require a huge effort and time.

"Really what we're doing is we're saying we're working as partners that compete on the track, but share a vision of where we're going as a sport, and share the benefits of doing that together.

"It's a sport that historically that was a little bit every man for himself, and how do you game each other and the like, and that leads to 'one plus one is one and a half'.

"If you could pull together and figure out what is the right path forward for everybody, you make 'one plus one is three'.

"There's no question of changing a culture that's been embedded for that long will take some time, but I think it's a transforming opportunity to really build a longer term, healthier relationship that benefits us both."

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