FOTA finalises new Concorde Agreement

The Formula One Teams’ Association (FOTA) has tonight hailed the sports’ new Concorde Agreement after confirming that each of its member teams had signed the document and were now entered into the 2010 World Championship.

In a statement released tonight, FOTA also issued its support for the BMW-Sauber team, claiming that it would do all it could to secure the Swiss team’s future.

The statement read: “Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’ until the end of the 2012 season.

“FOTA will support any initiative which would allow BMW-Sauber AG to reapply for full participation within the new Concorde Agreement.”

Tonight’s statement also revealed that FOTA’s members had agreed for a voluntary reduction in overall spending, ultimately leading to budget sizes similar to that of the early-1990s.

“All Formula 1 teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s long-standing objective gradually to reduce overall spending, eventually to around the levels of the early 1990s,” read the statement.

“The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission and various other Working Groups. The Formula 1 Commission will henceforth be a key decision-making body for change in Formula 1.

“FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach.”

The Concorde Agreement was signed by FIA President, Max Mosley, last weekend.