Though F1 now takes a larger slice of the cake, Liberty Media CEO, Greg Maffei is confident that long, drawn-out negotiations over the Concorde Agreement are a thing of the past.

Under Bernie Ecclestone, negotiations would go on and on and on and on, the F1 supremo using all his guile to control the narrative, be it smoke and mirrors or the old divide and conquer ploy.

Under Liberty however, things appear to be entirely different, with all involved seemingly working towards the same aim... to make as much money as possible.

The next Concorde isn't due until 2026, the year of the next major rules overhaul, and though there remain plenty of Is to be dotted and Ts crossed, Maffei isn't expecting too much trouble.

Interestingly, however, this will be the first Concorde to be negotiated by Stefano Domenicali, who as Ferrari boss used to sit on the other side of the table.

"What we're basically talking about is an early renewal of a deal that is very similar to the terms that they have today," Maffei told a Goldman Sachs event. "Providing stability and certainty about where we're going is a benefit to them.

"You've seen the value of F1 rise dramatically," he continued, "the reality is the teams' valuations have increased much faster. They see the benefit of the regime that we've together created, they see the benefit of extending that deal.

"Why do we think that's a benefit? I think we can all sell sponsors, we can sell broadcasters, we can sell all people on the certainty of the sport, and you de-risk any of the potential in the future."

This, he believes, will give teams "the opportunity to go out and sell the same sponsors on those ideas, so all of that is why everyone sort of wants to extend the current regime - and I think we've seen good interest in that.

"We got it done this time," he said. "We're trying to change the dynamic. I credit first Chase Carey and now Stefano with changing the dynamic with the teams, where we are far more aligned.

"That doesn't mean they want to pay us more!" he laughed. "But they all agree on the value of what we're doing together, and that growing the pie has been a positive thing for everybody."

Referring to F1's own increasing slice of the cake, he said: "Above a certain percentage, we're betting on ourselves. What's happened as we've grown the sport is that the amount above that split number has grown, so our share has grown.

"I don't anticipate a major change in how that works. There will probably be something along the same lines, and we'll have an incentive to grow the business."

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READERS COMMENTS

1. Posted by Spindoctor, 11/09/2023 22:26

"Therein, of course, lies the rub. I fear Mr Maffei is spot on.
In the good old\bad old days the likes of Enzo & Colin, Bruce & Jack created and ran organisations focused on winning races.

Fast forward to 2023 & whilst there's still sponsorship aplenty & it still pays many of the bills, the focus has switched from racing to Money and "value", though the latter seems to me to be largely in the eyes of prospective purchasers. Unfortunately with that switch notions of "sportsmanship" & "honour" went straight out the window. Unlike some, I'm not blinded by all the "entrepreneurial" schtik - all's fair in business, especially if you don't get caught. This is antithetical to any notion of "Sport ". Sadly modern Business is largely about manipulating anything, everything & everyone in order to maximise profit and as we have seen is now prevalent in. F1. Things can only get bitter...."

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2. Posted by ZJAY, 11/09/2023 20:23

"There is only one number that will change: entry fee will be 2 billions. "

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3. Posted by kenji, 11/09/2023 0:43

"I don't think that anyone should be surprised at the way that this is developing. F1 is, and has been for a very long time, a business masquerading as a sport. Businesses exist for one reason...to maximise the earnings for the shareholders as a multiple of their investment. If you can have some fun then that's a bonus. What I find a travesty is the fact that race results can be manipulated out front and publically. Try switching horses in a race and see how far you'll get in the 'sporting stakes'. More likely [if you get caught ] a vacation of indeterminate length at the Governor's pleasure. "

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4. Posted by KKK, 10/09/2023 17:42

"Sounds more like a "scratch my back, Ill scratch yours" type of meeting....as long as you agree with all they want it will be a doddle. There is not much more they can do to ruin the sport, once known as F1 RACING...."

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5. Posted by Defiant, 10/09/2023 16:49

"That's a shame. I think it needs a DRAMATIC overhaul."

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No more "snot-gobbling" vows Maffei of Concorde negotiations

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