F1: the new Concorde Agreement signed between FOM and the FIA
Agreement reached between Ecclestone and Todt
The leaders of Formula 1 have finally signed the new Concorde Agreement after months of negotiations. In a statement issued by the FIA it is learned that, in view of the next World Motor Sport Council, the FIA and FOM have signed the new agreement which guarantees the future of the top formula.
The new Concorde Agreement, valid from 2013 to 2020, includes an increase in revenues for the FIA and a new process for defining F1 rules, including the formation of a strategic group and a F1 Commission with a more streamlined structure.
The next step will now be to reach an agreement with the teams.
FIA President Jean Todt said: “We can be proud of this agreement, which establishes a more solid basis for the governance of the FIA Formula 1 World Championship. The FIA will continue to fulfill its historic role as guarantor of the rules and of safety in F1 for many years to come."
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