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F1 NEWS 

Melbourne welcomes new F1 deal

The Australian Grand Prix Corporation has welcomed the new Concorde Agreement, which it reckons guarantees a successful race at Melbourne next year.

Australian GP bosses have threatened to withdraw its race from the Formula 1 calendar earlier this year after the threat of a breakaway championship was still alive, as it did not want to host a race without the big teams.

But following the announcement by the FIA that a new agreement has been signed, the AGPC has expressed its delight at the conclusion of a deal.

"The Australian Grand Prix Corporation is pleased with the announcement of the finalisation of the new agreement between the FIA, the Formula 1 Commercial Rights Holders and FOTA," said the AGPC in a statement.

"The agreement brings stability to the sport of Formula 1 and ensures the best teams will be participating in the championship for years to come and will all be at Albert Park in March next year."

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