New Concorde Agreement reached between Formula One Group and the FIA

Agreement over the deal had been delayed

The Formula One Group and motor sport's world governing body the FIA have finally signed off on a new Concorde Agreement.

The Agreement is F1's tri-partite pact that governs the commercial arrangement between the FIA, the teams and the sport's commercial rights holders, CVC Capital Partners.

The sport has been operating this season without a Concorde since the previous deal expired at the end of last year.

In July, over the course of the Hungarian Grand Prix weekend, F1 supremo Bernie Ecclestone and FIA president Jean Todt set out the framework for implementation of the new Agreement that runs through to 2020.

A statement released by the FIA has confirmed that framework "has now come into force following the approval of the respective governing bodies of the signatory parties".

The statement added: "This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA motor sport.

"The parties have agreed a strong and stable sporting governance framework which includes the Formula One Group, the FIA and the participating teams.

"The agreement lays down solid foundations for the further development of the FIA Formula One World Championship.

"Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde Agreement."

The final point refers to the fact all 11 teams now need to be on board as Ecclestone previously negotiated bi-lateral agreements with 10 of the marques, with the exception of Marussia who remain in talks.

Todt said: "We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship.

"The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come."

Ecclestone added: "I am very pleased that the agreement between the FIA and the Formula One Group has been concluded".

PA

Suggested Topics
News
people
News
A survey carried out by Sainsbury's Finance found 20% of new university students have never washed their own clothes, while 14% cannot even boil an egg
science...and the results are not as pointless as that sounds
Sport
Sean Abbott
cricketSean Abbott is named Australia's young cricketer of the year
News
i100
PROMOTED VIDEO
Have you tried new the Independent Digital Edition apps?
Caption competition
Caption competition
Latest stories from i100
Daily Quiz
Have you tried new the Independent Digital Edition apps?
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

Career Services

Day In a Page

Woman who was sent to three Nazi death camps describes how she escaped the gas chamber

Auschwitz liberation 70th anniversary

Woman sent to three Nazi death camps describes surviving gas chamber
DSK, Dodo the Pimp, and the Carlton Hotel

The inside track on France's trial of the year

Dominique Strauss-Kahn, Dodo the Pimp, and the Carlton Hotel:
As provocative now as they ever were

Sarah Kane season

Why her plays are as provocative now as when they were written
Murder of Japanese hostage has grim echoes of a killing in Iraq 11 years ago

Murder of Japanese hostage has grim echoes of another killing

Japanese mood was against what was seen as irresponsible trips to a vicious war zone
Syria crisis: Celebrities call on David Cameron to take more refugees as one young mother tells of torture by Assad regime

Celebrities call on David Cameron to take more Syrian refugees

One young mother tells of torture by Assad regime
The enemy within: People who hear voices in their heads are being encouraged to talk back – with promising results

The enemy within

People who hear voices in their heads are being encouraged to talk back
'In Auschwitz you got used to anything'

'In Auschwitz you got used to anything'

Survivors of the Nazi concentration camp remember its horror, 70 years on
Autumn/winter menswear 2015: The uniforms that make up modern life come to the fore

Autumn/winter menswear 2015

The uniforms that make up modern life come to the fore
'I'm gay, and plan to fight military homophobia'

'I'm gay, and plan to fight military homophobia'

Army general planning to come out
Iraq invasion 2003: The bloody warnings six wise men gave to Tony Blair as he prepared to launch poorly planned campaign

What the six wise men told Tony Blair

Months before the invasion of Iraq in 2003, experts sought to warn the PM about his plans. Here, four of them recall that day
25 years of The Independent on Sunday: The stories, the writers and the changes over the last quarter of a century

25 years of The Independent on Sunday

The stories, the writers and the changes over the last quarter of a century
Homeless Veterans appeal: 'Really caring is a dangerous emotion in this kind of work'

Homeless Veterans appeal

As head of The Soldiers' Charity, Martin Rutledge has to temper compassion with realism. He tells Chris Green how his Army career prepared him
Wu-Tang Clan and The Sexual Objects offer fans a chance to own the only copies of their latest albums

Smash hit go under the hammer

It's nice to pick up a new record once in a while, but the purchasers of two latest releases can go a step further - by buying the only copy
Geeks who rocked the world: Documentary looks back at origins of the computer-games industry

The geeks who rocked the world

A new documentary looks back at origins of the computer-games industry
Belle & Sebastian interview: Stuart Murdoch reveals how the band is taking a new direction

Belle & Sebastian is taking a new direction

Twenty years ago, Belle & Sebastian was a fey indie band from Glasgow. It still is – except today, as prime mover Stuart Murdoch admits, it has a global cult following, from Hollywood to South Korea