New Concorde Agreement finally signed

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

New Concorde Agreement finally signed

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."

shares
comments
Schumacher happy with F2007 test
Previous article

Schumacher happy with F2007 test

Next article

Sauber working on team rescue deal

Sauber working on team rescue deal
Verstappen exclusive: Why F1’s champion isn’t fazed by Silverstone return Plus

Verstappen exclusive: Why F1’s champion isn’t fazed by Silverstone return

Max Verstappen is the world’s number one racing driver… and he’s determined to keep it that way. Speaking exclusively to GP Racing's OLEG KARPOV, the Red Bull driver explains why he’s relishing the 2022 championship battle with Charles Leclerc – and why he’s not worried about returning to Silverstone, the scene of the biggest accident of his career last year

Why Red Bull’s RB17 hypercar can help its F1 team Plus

Why Red Bull’s RB17 hypercar can help its F1 team

On Tuesday, Red Bull laid out its plans to develop and build a new hypercar - the RB17 - penned by Adrian Newey. As the project itself sates Newey as a creative outlet, it also offers Red Bull's Formula 1 team a number of new and exciting avenues to pursue

What to expect from Mercedes as F1 returns to Silverstone Plus

What to expect from Mercedes as F1 returns to Silverstone

OPINION: The British Grand Prix is a home event for Lewis Hamilton and George Russell, with their Mercedes team based just a few miles away too. But there’s another reason why the Silver Arrows squad is eager to arrive at Silverstone this weekend, which may help it fix its remaining problems with its 2022 Formula 1 challenger

Formula 1
Jun 29, 2022
The “solemn promise” that cost quiet hero Brooks an F1 title Plus

The “solemn promise” that cost quiet hero Brooks an F1 title

After two terrifying crashes, one of the best British racers of the 1950s retired before his career peaked. But that’s why GP Racing’s MAURICE HAMILTON was able to speak to Tony Brooks in 2014. Like his friend Stirling Moss, Brooks was regarded as one of the best drivers never to have won the world championship. Here, as our tribute to Brooks who died last month, is that interview in full

Formula 1
Jun 27, 2022
Inside the Faenza facility where AlphaTauri’s F1 pragmatic vision is realised Plus

Inside the Faenza facility where AlphaTauri’s F1 pragmatic vision is realised

AlphaTauri’s mission in F1 is to sell clothes and train young drivers rather than win the championship – but you still need a cutting-edge factory to do that. Team boss Franz Tost takes GP Racing’s OLEG KARPOV on a guided tour of a facility that’s continuing to grow

Formula 1
Jun 26, 2022
Connecting two of Ferrari's favourite F1 sons Plus

Connecting two of Ferrari's favourite F1 sons

Gilles Villeneuve's exploits behind the wheel of a Ferrari made him a legend to the tifosi, even 40 years after his death. The team's current Formula 1 star Charles Leclerc enjoys a similar status, and recently got behind the wheel of a very special car from the French-Canadian’s career

Formula 1
Jun 24, 2022
How a 30cm metal wire triggered open warfare in the F1 paddock Plus

How a 30cm metal wire triggered open warfare in the F1 paddock

Porpoising has become the key talking point during the 2022 Formula 1 season, as teams battle to come to terms with it. An FIA technical directive ahead of the Canadian Grand Prix and a second stay appearing on the Mercedes cars only served to create a bigger debate and raise tensions further

Formula 1
Jun 23, 2022
Does Verstappen have any weaknesses left? Plus

Does Verstappen have any weaknesses left?

Having extended his Formula 1 points lead with victory in Canada, Max Verstappen has raised his game further following his 2021 title triumph. Even on the days where Red Bull appears to be second best to Ferrari, Verstappen is getting the most out of the car in each race. So, does he have any weaknesses that his title rivals can exploit?

Formula 1
Jun 22, 2022