New Concorde Agreement finally signed
|By Matt Beer||Saturday, August 1st 2009, 10:30 GMT|
The FIA has announced that a new Concorde Agreement has been signed by president Max Mosley, heralding a final resolution to the political rows that rocked Formula 1 in the first half of 2009.
A three-way deal between the FIA, the sport's commercial rights holder Bernie Ecclestone and the F1 teams, the Concorde Agreement is the document that sets out how F1 is run and its revenues distributed.
The lack of a new Concorde deal had been a key sticking point during the disagreements between the FIA and the Formula One Teams' Association (FOTA) earlier this season.
"Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula 1 world championship," said an FIA statement.
"The WMSC has also approved a slightly revised set of stable sporting and technical regulations (to apply from the 2010 championship onwards), which have been agreed by the FIA and the teams and which will be published shortly on the FIA's website.
"The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification."
All the teams entered for the 2010 Formula 1 world championship have signed up to the agreement with exception of BMW Sauber.
AUTOSPORT understands that the team has been given a deadline of next Wednesday (5 August) to sign as the German manufacturer decides whether to open the operation up to a potential rescue package following its decision to quit F1 at the end of the season.
The FIA also confirmed that final agreement had been reached on measures for further cost cutting.
"In addition, as agreed in Paris on 24 June 2009, the teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s," said the statement.
"With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula 1 world championship."