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The 12 teams and the sport's governing body sign a new Concorde Agreement
The future of Formula 1 has been secured after the sport's governing body and 12 teams put pen to paper on a new Concorde Agreement.
The agreement, which runs until the end of 2012, brings to a close months of wrangling between the FIA and the Formula 1 Teams' Association (FOTA).
The FIA said the signing heralds "a renewed period of stability" for F1.
It added that the document features a "slightly revised set of stable sporting and technical regulations."
The lack of a new Concorde deal - the document that sets out how F1 is run and its revenues distributed - had been a key sticking point during disagreements between the FIA and FOTA earlier this season.
More to follow.
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."
AUTOSPORT understands that the team currently known as BMW Sauber has been given a deadline of next Wednesday (5 August) to sign up to the deal if the German manufacturer decides to open the operation up to a potential rescue package following its decision to quit F1.
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."
Another awesome thing is that it DOES run up until the end of 2012. Hopefully that will keep the likes of Renault and Toyota in the sport until then.
Anyone care to guess at exactly what might be in the 'resource restriction agreement'??
- By darwin daliYeah, not very active here, unfortunately. Is it […]
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