- Concorde Agreement
Ecclestone reveals Concorde Agreement
Bernie Ecclestone has announced that he has reached an agreement with "the majority of the current Formula One teams" over a new Concorde Agreement.
The existing Concorde Agreement tying the teams to the sport was due to expire at the end of this year and was expected to rumble on throughout the season as negotiations could prove difficult due to the split in the teams over FOTA. Further splits were rumoured last weekend in Australia when a Sky News blog claimed that Ecclestone had done a special deal with Red Bull and Ferrari.
On Saturday, however, Ecclestone released a statement revealing that agreements had been reached with most of the teams including Red Bull, McLaren and Ferrari. The full statement read:
"I am very pleased to announce that we have reached commercial agreements with the majority of the current Formula One teams, including Ferrari, McLaren and Red Bull Racing, about the terms on which they will continue competing in Formula One after the current Concorde Agreement expires at the end of this year."