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F1 could have new Concorde Agreement in next few weeks - Todt
- Jean Todt
Formula One should have a new Concorde Agreement in place soon with the teams, the commercial rights holder and the governing body of the sport set to sign the deal in the next few weeks, the president of the sport's governing body has told the Financial Times.
The Concorde Agreement is a confidential commercial agreement between the teams that compete in the sport, the sport's commercial rights holder FOM and the FIA and, among other things, governs the division of the sport's revenues between the three parties. A new agreement would remove a hurdle to a potential listing of Formula One on the Singapore stock market which was shelved last year amid tough market conditions.
"I think we have all the ingredients to allow the FIA and FOM and the teams to finalise the signatures of the Concorde Agreement," FIA president Jean Todt told the Financial Times in an interview this week. "All the discussions we have agreed, and we are in the situation where we need to finalise it in writing. I am confident it should happen in the coming weeks."
The last Concorde Agreement expired at the end of last year and negotiations to agree a new deal have been long and protracted, with one of the sticking points being the FIA's desire to get a bigger share of the revenues.
The governing body dramatically increased entry fees for teams in 2013 as part of their efforts to get more funds, and they have also been seeking a greater share of money from Bernie Ecclestone's FOM.
In October 2012, the FIA had said that a final settlement would likely be reached over the coming weeks while Mercedes team principal Ross Brawn told reporters over the Indian Grand Prix weekend that whatever sticking points there were, existed between the commercial rights holder and the FIA, and not between FOM and the teams