a series of individual bilateral agreements between Bernie Ecclestone's Formula One Group and all other parties involved being FIA and the individal Formula One teams. In October 2012 Bernie Ecclestone indicated that he already had agreements with all teams for the 2013-2020 period. However, this list did not yet include Marussia. The Marussia Formula One Team did manage to sign its own bilateral agreement with the Formula One Group in October 2013. The Concorde Implementation Agreement between the FIA and the Formula One Group was signed in July 2013 and was enforced on 27 September 2013. It expired on 31 December 2020. The FIA press announcement about this agreement mentioned that "the parties will move towards the conclusions of a multi-party Concorde agreement", but such a multi-party agreement never materialized. Eighth Concorde Agreement (2021) Negotiations over the terms to replace the 2013 agreement began as part of wider discussions over the future of the sport in 2017. A deadline to reach a deal was extended until 31 October 2019. The Agreement was reported to be nearing completion in January 2020, but was delayed due to the COVID-19 pandemic. During the 70th Anniversary Grand Prix weekend, Mercedes team principal Toto Wolff declared his dissatisfaction with the terms of the new agreement, which was to introduce a budget cap from the season and change the prize money distribution. Wolff believed that his team would be affected most negatively. In response, the deadline for signing the agreement, previously set for 12 August, was moved back a week. However, after discussions with Chase Carey, Wolff changed stance and declared his willingness to sign the new agreement. The new Concorde Agreement seeks to protect the value of the incumbent teams, by requiring new entrants to pay 200 million dollars up front, shared equally among 10 existing teams, in exchange for having the right of revenue share in its first year of competition. Previously, new entries only received the prize money from their second year of competition. On 18 August 2020, Ferrari, McLaren, and Williams announced that they had signed the new Concorde Agreement, whilst the following day Formula One announced that the other teams had also signed. The agreement, which is the first to be signed under new owners Liberty Media, covers the to seasons, and came into force on 1 January 2021. References General references The Economist: Grand prix, grand prizes GrandPrix.com: Who owns