All 10 Formula One teams sign new Concorde Agreement

first_imgTopics : “This year has been unprecedented for the world and we are proud that Formula One has come together in recent months to return to racing in a safe way,” Formula One Chairman Chase Carey said.Negotiations over a new Concorde Agreement had been put on hold due to the COVID-19 crisis that hit the teams and sport financially.”We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport,” Carey added.”The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”Formula One’s three oldest and most successful teams — Ferrari, McLaren and Williams — were the first to sign with rights holders Liberty Media and the FIA on Tuesday, with the seven other teams following suit on Wednesday.”Over its 70 year history, Formula One has developed at a remarkable rate, pushing the boundaries of safety, technology… to the absolute limit and today confirms that an exciting new chapter in that history is about to begin,” FIA President Jean Todt said.  Formula One’s 10 teams have committed to the sport until at least the end of 2025 by putting their signatures to a new commercial ‘Concorde Agreement’.The current agreement, which sets out the terms under which teams race and the share of revenues, is set to expire at the end of 2020.Formula One and the governing FIA on Wednesday said in a joint statement the agreement will secure the long-term sustainable future for the sport and reduce the financial and on track disparities between the teams.last_img read more

Eager buyers hungry for the complete package

first_imgImage of proposed home for Lot 12, 399 Beckett Rd, Bridgeman Downs. Photo: Supplied.A brand new home in an estate that has not even been built yet has sold for $815,000 as demand heats up for house and land packages.The five-bedroom, three-bathroom home is proposed for Lot 12 of Harrington Estate at 399 Beckett Rd, Bridgeman Downs.Marketing agent Barry Herbert of Ausbuild – Capalaba said the estate was due to be finished in November, then building would begin on the houses.More from newsFor under $10m you can buy a luxurious home with a two-lane bowling alley5 Apr 2017Military and railway history come together on bush block24 Apr 2019Image of proposed home for Lot 12, 399 Beckett Rd, Bridgeman Downs. Pic supplied.Mr Herbert said three-quarters of the first stage of Harrington Estate (about 40 lots) had already been sold. He said the house and land package at Lot 12 had been purchased by a young family looking to upsize.“The packages include everything except landscaping, so they know they can move in and only have to spend money on landscaping but everything else is done,” Mr Herbert said.The package includes security screens, a fencing allowance, window coverings and kitchen whitegoods.There is also a media room, double car garage and alfresco outdoor area.The suburb of Bridgeman Downs has a median house price of $775,000.last_img read more