SILVERSTONE, England – Formula One champion manufacturer Mercedes is not ready to sign F1’s new ‘Concorde Agreement’ because it hurts them most, team boss Toto Wolff said on Friday as the sport’s owners vowed to press on anyway.
The commercial agreement, setting out the terms under which teams race and the share of revenues, expires at the end of this year with the new one running until 2026.
Ferrari and McLaren have indicated they are ready to sign, but Wolff told reporters at the 70th Anniversary Grand Prix that Mercedes — the team of six-times world champion Lewis Hamilton — had issues to resolve.
“We are happy with a more equitable split of the prize fund, the way success is rewarded and possible for everybody, we agreed to,” he said.
“We are, I would say, the biggest victim in