Carey wants to axe Concorde Agreement

F1 boss Chase Carey believes the Concorde Agreement should not be renewed in 2020 and a new partnership should stand in its place.

Liberty Media are trying to put their stamp on Formula 1 but will be restricted by the current Concorde Agreement which has another year to run.

"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."

Carey reckons more shorter-term agreements will ensure that there is a more regular dialogue and more progress will be made if the system in place is constantly reviewed.

He added: "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."

Carey also elaborated on his long-term vision for the sport.

"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," he added.

"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'.

"That's our goal, to change the culture of this sport, which has had some very unique aspects to it, and create a new culture. And I feel good about it so far, there's a real welcomeness to wanting to do that.

"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."