All three teams refused to sign the proposed Concorde agreement, initially with the support of the remaining teams. However, on 5 September 1996, the new Concorde Agreement was signed by all teams except McLaren, Williams and Tyrrell. The Agreement should apply from 1 January 1997 to 2002. In 1995, the FIA decided to transfer the commercial rights of Formula 1 from BAZL to Formula 1 management for a period of 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested against the proposed Concorde agreement (negotiations of which began as early as 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of the BAZL, had negotiated the transfer of the organization`s rights to his own company. Tyrrell also objected to the addendum to the deal being secret and argued that the secrecy surrounding the deal only benefited Ecclestone (by weakening the bargaining power of the other parties). „A fairer sport is better for everyone,“ Brown continues. It is a more balanced distribution of revenues and a clearer and simpler management, which puts sport at the forefront. „This agreement will only make Formula 1 designers stronger collectively in the long term.“ Differences between the two organizations, known by the nom de guerre FISA-BAZL, led to the cancellation of several races. Goodyear threatened to withdraw completely from Formula 1, an event that would have been commercially catastrophic for the sport, so Ecclestone held a meeting of team leaders, Balestre and other FISA representatives at the FIA offices, Place de la Concorde, Paris, France. On 19 January 1981, after thirteen consecutive hours of negotiations, all the parties present signed the first Concorde Agreement, named after the Paris square where the talks took place.
In a Formula 1 statement, „the agreement will ensure the long-term sustainable future of Formula 1 and, combined with the new rules announced in October 2019 and coming into force in 2022, reduce financial and distance inequalities between teams, improve the conditions of competition and create narrower races on the track, Which our fans want to see more. The agreements have the effect of increasing the professionalism and commercial success of Formula 1. The main factor in achieving this was the requirement for teams to participate in each race, thus making the sport more reliable for channels that were expected to invest heavily in acquiring television broadcasting rights. In return, a percentage of the sport`s commercial revenue was guaranteed to the teams. Carey added that the new deal would create „an environment that is both more financially fair and fills in the gaps between the teams on the circuit.“ „This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to safely return to racing,“ said Chase Carey, President and CEO of Formula 1. We stated earlier this year that the Concorde agreement would take extra time to agree due to the fluidity of the pandemic and we are delighted to have been able to reach an agreement of the ten teams on plans for the long-term future of our sport by August. All our fans want to see closer races, bike-to-bike action and every team has the chance to get on the podium. The new Concorde convention, combined with the regulations for 2022, will lay the foundations to achieve this and create an environment that is both financially fairer and fills the gaps between the teams on the circuit. On January 19, 2005, Ferrari announced that it had signed an extension of the previous agreement, which expires on December 31, 2012.  On 18 July 2005, Red Bull also signed an extension as well as Jordan/Midland two days later.  On December 1, 2005, Williams was the fourth team to sign an extension of the agreement.  A new trade agreement aimed at reducing financial differences between teams, creating a level playing field and closing the performance gap on track is the next part of this process. .