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New Concorde Agreement finalised

ESPN Staff
September 27, 2013 « Red Bull dominance here to stay - Wolff | Ward calls for Todt clarity on Concorde resources »
A new deal is in place between the FIA and the commercial rights holder © Getty Images

A new Concorde Agreement - the contract that binds Formula One together - has been signed by the FIA and Formula One Management after months of negotiation.

The new agreement will run until 2020 and was announced ahead of a meeting of the World Motor Sport Council in Dubrovnik on Friday. Under the new terms the FIA will benefit from "significantly improved financial means" after drawn out negotiations over how to divide the sport's revenues.

A statement from the FIA said the new Concorde Agreement is now operative and "the parties will move towards the conclusion of a multi-party Concorde agreement" involving the teams.

"We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship," FIA president Jean Todt said. "The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come."

Bernie Ecclestone, CEO of the Formula 1 Group, added: "I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded".