- Concorde Agreement
Formula One teams want a bigger slice of the cake
Formula One teams are believed to be set to demand a big hike in the amounts they receive when the existing Concorde Agreement is renegotiated.
The latest agreement started in 2009 and included a settlement where the percentage received by teams increased each year. That was done to help stave off a threatened breakaway.
It was announced earlier this week the teams would share US$658 million from the sports commercial revenue income in 2010, a 21% rise over the previous year and 164% more than in 2007. But, according to Italian magazine Autosprint, the teams want to increase the share they get from 50% to 75%.
The pressure on CVC Capital Partners Ltd, the majority owners of the sport's commercial rights, is also coming from the FIA, with Jean Todt, the president, making no secret of his desire to reduce the amounts the company keeps.
In the past the teams have often been divided in negotiations which has played into the commercial rights owner's hands. But it seems, for now at least, they are as one and also backed by Todt and others. The only certainty is that this story will rumble on for a long time yet.