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). On 18 August 2020, Ferrari, McLaren and Williams announced that they had signed the new Concorde agreement,[20][21][22] while Formula 1 announced the following day that the other teams had also signed the agreement. [23] The new agreement, which was the first to be reached among the new Liberty Media owners, is valid for the 2021-2025 season and will come into effect on January 1, 2021. A new trade deal to reduce financial inequalities between teams, create a level playing field and close the price performance gap is the next part of this process. . . .