On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012.  On July 18, 2005, Red Bull also signed an extension and Jordan/Midland two days later.  On December 7, 2005, Williams was the fourth team to sign a contract extension.  Negotiations on the terms of replacement of the 2013 agreement began as part of broader discussions on the future of sport in 2017, but a deadline has been extended until 31 October 2019 to reach an agreement. The agreement is expected to be concluded in January 2020.  was ultimately delayed due to the COVID 19 pandemic.  During the 70th weekend of the Grand Prix, Mercedes team chief Toto Wolff expressed his displeasure with the terms of the new agreement, which is expected to introduce a budget cap from the 2021 season and change the price distribution. Wolff thought his team would be the hardest hit.  In response to this request, the deadlines for signing the agreement, which had been set for 12 August, were postponed by one week.  However, after talking with Chase Carey, Wolff changed his attitude and agreed to sign the new agreement.  The new Concorde agreement aims to protect the value of existing teams by requiring new entrants to pay $200 million, divided equally among 10 existing teams, in exchange for the right to share the turnover for the first year of the competition. So far, newcomers only get the prize from the second year of the competition.  On August 18, 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde contract, while Formula 1 announced the following day that the other teams had also signed the contract.
 The new agreement, which was the first to be concluded under the new owner Liberty Media, is valid for seasons 2021 to 2025 and will come into effect on January 1, 2021. The three teams refused to sign the proposed concorde agreement, initially with the support of the remaining teams. On September 9, 1996, the new Concorde agreement was signed by all teams except McLaren, Williams and Tyrrell. The agreement was to apply from January 1, 1997 to 2002. The Concorde agreement is a contract between the International Automobile Federation (FIA), the Formula 1 teams and the Formula 1 group, which imposes the conditions under which the teams participate in the races and the sharing of television revenues and price.