Bernie Ecclestone has signed an agreement with the Grand Prix Manufacturers' Association (GPMA) to end their threat of a breakaway series in 2008. Ecclestone put his signature on the memorandum of understanding late on Friday.
The GPMA is made up of Renault, BMW, Mercedes, Toyota and Honda and at the Spanish Grand Prix the teams agreed the terms they would accept. A deal between the five teams meant that no one of them could sign up without all the others.
The deal is reported to give teams 50 per cent of the annual revenue generated by F1, increasing from the current terms which give the 11 teams less than 25 per cent to share between them.
F1 brings in over $1bn a year in revenues from the sale of commercial rights.
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