The FIA issued the following statement regarding an agreement on the Concorde Agreement
Concorde Agreement 24/07/2009
Following the completion of negotiations with FOA and all 13 Formula One teams by FIA President Max Mosley and FIA Deputy President for Sport Nick Craw, the members of the World Motor Sport Council have been sent a copy of the proposed new Concorde Agreement for their consideration.
Subject to the approval of the WMSC and on receipt of confirmation that a satisfactory cost-reduction agreement is in place, the new Concorde Agreement should be ready for signature at the end of next week.
Related: Williams, Force India, played hard in F1 talks
Teams give details of 'cost regulation document'
Peace in Formula 1 - Concorde Agreement signed
Moderators: cmlean, Ed, The Qualiflyer, The Heretic
The Concorde Agreement has been signed by all parties and the crisis in Formula 1 is now over.
The FIA released the following statement:
Concorde Agreement
Following approval by the World Motor Sport Council, late last 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 has 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.
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.
With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula One World Championship.
Related: F1 war ends as agreements finally signed
The FIA released the following statement:
Concorde Agreement
Following approval by the World Motor Sport Council, late last 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 has 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.
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.
With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula One World Championship.
Related: F1 war ends as agreements finally signed
The Formula One Teams Association (FOTA) have issued a press statement following the signing of the new Concorde Agreement. The statement read:
FOTA welcomes Concorde Agreement and looks to the future
The Formula One Teams Association (FOTA) today welcomed the successful conclusion of negotiations leading to the signing of the 2009 Concorde Agreement.
Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’ until the end of the 2012 season.
FOTA will support any initiative which would allow BMW-Sauber AG to reapply for full participation within the new Concorde Agreement.
All Formula One teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s long-standing objective gradually to reduce overall spending, eventually to around the levels of the early 1990s.
The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission, and various other Working Groups. The Formula 1 Commission will henceforth be a key decision-making body for change in Formula 1.
FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach.
FOTA welcomes Concorde Agreement and looks to the future
The Formula One Teams Association (FOTA) today welcomed the successful conclusion of negotiations leading to the signing of the 2009 Concorde Agreement.
Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’ until the end of the 2012 season.
FOTA will support any initiative which would allow BMW-Sauber AG to reapply for full participation within the new Concorde Agreement.
All Formula One teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s long-standing objective gradually to reduce overall spending, eventually to around the levels of the early 1990s.
The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission, and various other Working Groups. The Formula 1 Commission will henceforth be a key decision-making body for change in Formula 1.
FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach.