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F1 Fast Five: Pat Symonds steps down as F1 Chief Technical Officer, Ferrari's bonus capped in new Concorde Agreement, and other big updates

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Today’s F1 News Delivered Faster Than a Pit Stop

Pat Symonds steps down as F1 Chief Technical Officer, Ferrari's bonus capped in new Concorde Agreement, and other big updates from around the world of Formula 1.

Pat Symonds steps down as F1 Chief Technical Officer, Ferrari's bonus capped in new Concorde Agreement, and other big updates
  • Pat Symonds steps down as F1 Chief Technical Officer 
  • Ferrari's bonus capped in new Concorde Agreement
  • How Bearman can secure a seat in 2025
  • The buzz around 2025 driver market
  • Newey reportedly signs with Ferrari

Pat Symonds steps down as F1 Chief Technical Officer 

Pat Symonds is set to leave his role as Formula 1's chief technical officer after seven years. Symonds played a key role in shaping F1's technical regulations, including the 2022 ground-effect era and the upcoming 2026 car designs. With the chassis rules for 2026 nearly finalized and set to be published soon, Symonds decided to step down. Although he is now on gardening leave, it is unclear whether he will retire or pursue another opportunity within F1.

Click here to read the full article by Jonathan Noble (motorsport.com)

Ferrari's bonus capped in new Concorde Agreement

Teams are negotiating with F1 owners Liberty Media on the new Concorde Agreement effective from 2026, which governs F1's regulatory and commercial aspects. Draft terms have been sent to teams, anticipating intense discussions to reach a consensus. A key term is for Ferrari to retain its bonus payment, albeit at a reduced level, capping it at 5% of the prize pool regardless of the total amount. This change means Ferrari will lose its escalator bonus, a feature that increased its share as the prize fund grew beyond $1.6 billion.

Click here to read the full article by Jonathan Noble (msn.com)

How Bearman can secure a seat in 2025

Oliver Bearman did an excellent job during practice at the 2024 Emilia Romagna Grand Prix. Bearman caught the attention of Haas team principal Ayao Komatsu, and he might get a drive with Haas for the 2025 season. The 19-year-old swapped his Formula 2 car for a Haas VF-24 and impressed by setting the most laps and finishing ahead of his teammate Nico Hulkenberg. Komatsu praised Bearman's calmness and ability to quickly absorb feedback, indicating he is a strong contender for a future drive with the team.

Click here to read the full article by Joe Krishnan (total-motorsport.com)

The buzz around 2025 driver market

With Alex Albon signing a multi-year contract extension with Williams, which will keep him on the team until at least the end of 2026, another piece of the driver market puzzle has been solved. Aston Martin looks likely to retain Lance Stroll, and McLaren has its two drivers on lockdown. Now, the focus is on the other teams, and there are predictions that the 2025 driver market will be chaotic.

Newey reportedly signs with Ferrari

Ever since the news broke that Adrian Newey was leaving Red Bull, there has been all sorts of speculation about where he might be headed next. However, the big buzz in the Imola media center was the story reported by Daily Mail journalist Jonathan McEvoy that Newey would be going to Ferrari.

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