The future of Formula 1 has been secured after the sport’s governing body and 12 teams put pen to paper on a new Concorde Agreement.
The agreement, which runs until the end of 2012, brings to a close months of wrangling between the FIA and the Formula 1 Teams’ Association (Fota).
The FIA said the signing heralds “a renewed period of stability” for F1.
It added that the document features a “slightly revised set of stable sporting and technical regulations.”
The lack of a new Concorde deal - the document that sets out how F1 is run and its revenues distributed - had been a key sticking point during disagreements between the FIA and Fota earlier this season.
However, the signing of the new agreement heralds a final resolution to the political rows that have destabilised the sport throughout 2009. BBC
An FIA statement read: “Following approval by the World Motor Sport Council, late last (Friday) night FIA president Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship.
“The Concorde Agreement - a contract between the FIA, F1’s commercial rights-holder and the participating teams - sets out the basis on which the teams participate in the championship and share in its commercial success.
“The WMSC have also approved a slightly revised set of stable Sporting and Technical Regulations (to apply from the 2010 championship onwards), which have been agreed by the FIA and the teams and which will be published shortly on the FIA’s website.
“The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights before going to the WMSC for ratification. The Press Association
“In addition, as agreed in Paris on 24 June 2009, the teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s.”
Overspending was the sticking point between the FIA and the teams after Mosley tried to introduce measures which were effectively a spending cap.
Mosley has been looking to cut costs since Honda’s exit in December, but his proposal to slash budgets to $60 million by 2010 has been criticized by most teams as being too low.
The Formula One Teams Association—made up of eight leading teams, including Ferrari and McLaren—had threatened to form a breakaway series. Mosley’s decision not to stay on when his term as FIA president expires in October appeared to appease the teams. USA Today
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