Jul 27, 2013, 7:00 AM EDT
The future of Formula One appears to have been secured as the FIA and the F1 Group (headed up by Jean Todt and Bernie Ecclestone respectively) have today confirmed that the terms of the Concorde Agreement have been agreed.
The Concorde Agreement binds the teams, governing body and commercial arm of Formula One together with the split of the sport’s revenue and any available prize money being focal to the contract. Additionally, the agreement identifies the areas of control for the groups involved – the FIA (governing body), the F1 Group (commercial body) and the teams. The agreement also ensures that the teams remain in the sport after a breakaway threatened the future of F1 back in 2009 until the Concorde Agreement was signed.
Although the agreement is waiting on further approval and no details have yet been revealed, it is a very positive sign for the future of the sport as commercial terms appear to have been agreed following a lengthy stalemate between the two parties.
“The Formula One Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement,” a statement from the two parties reads.
“This agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks.
“Further information on this agreement will be available after receipt of such approval.”
The agreement had been held back by a disagreement regarding media accreditation for written media at grands prix. Currently overseen by the FIA, Ecclestone had wished to bring this under FOM’s control (who currently deal with TV broadcasting rights). Although the details are yet to be confirmed, this is a very positive sign for the future of F1.