New Concorde Agreement Becomes Active

0
4
Sebastian Vettel leads the Formula One field at the start of Sunday's Italian Grand Prix. (Steve Etherington Photo)

The agreement reached by the FIA and the Formula One Group in July 2013, setting out the framework for implementation of the Concorde Agreement for 2013 – 2020, has now come into effect following the approval of the respective governing bodies of the signatory parties.

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 in 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 active, the parties will move towards the conclusion of a multi-party Concorde agreement.

“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 fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come,” said FIA President Jean Todt.

“I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded,” said Bernie Ecclestone, CEO of the Formula 1 Group.