Liberty Media CEO Greg Maffei believes that the goodwill of Formula 1 teams will make for “easier” Concorde Agreement negotiations ahead of a new deal for 2026.
The current Concorde, which runs to the end of 2025, was negotiated during the COVID-19 pandemic in 2020 by then F1 boss Chase Carey.
Since then the teams have boosted their incomes as the sport has expanded, and their earnings from F1’s overall revenue have increased.
Maffei believes that the financial health of the teams in the Liberty era will encourage them to be co-operative as the new Concorde is discussed with Stefano Domenicali.
“We’ve just sent out the new draft of our proposed Concorde Agreement,” said Maffei. “There’s been some discussion with some teams about it, and where it will go. And so we have reason to think it should be relatively easier.
“I’m sure there are teams who will want more money than we want to give them. There’s always that tension.
“But I do believe the goodwill that we have created, and the general fact that they’re all not only making more money remember off of F1, but also their own sponsorship deals have been tremendously stronger – go look at the success of sponsorship at Red Bull, McLaren, even Ferrari now, with their new HP deal.
“The teams are doing very well to where they were before we got involved. So I think that hopefully that goodwill carries forward.”
Maffei made a comparison with the philosophy espoused by NFL Commissioner Roger Goodell, who spoke to the teams at last year’s Canadian GP.
He told them that a sports league and its participants both benefit from working together.
“Prior management, before Liberty, went out of their way to basically have the teams kind of screw each other,” said Maffei. “That was the whole attitude.
“And we’ve tried to take more of the – and full credit to Roger Goodell – fight on Sunday, but on Monday, we’re all together, this is one league, and we do better if we rise together. And I really do think there’s much more of that attitude.
“That doesn’t mean there’s lessened competition. But I think the teams appreciate that Liberty is playing the long game and trying to grow the sport, because that’s how we all profit.
“So in general, the sentiment around the teams towards Formula One Management is very good. And very positive.”