Deal for new Concorde Agreement struck

Deal for new Concorde Agreement struck

27 July 2013 – A deal concerning the 2013 Concorde Agreement appears to have been reached between the Formula One Group and the FIA, following Saturday morning talks conducted by Bernie Ecclestone and FIA President Jean Todt at the Hungaroring.

The agreement dictates the commercial aspects of the sport, and officially binds together the teams, the commercial rights holder and the governing body. The previous deal lapsed at the end of 2012, with all teams bar Marussia entering the current campaign under individual contracts with Formula 1 supremo Ecclestone.

The delay on the new agreement stemmed from Todt's ambition to secure a greater share of revenue for the FIA, and his opposition to commercial rights holder FOM controlling written press and journalists - something Ecclestone had been pushing for, and which would have seen all media being charged for access to cover the sport.

In a joint statement, the FIA and the Formula 1 group explained: "The Formula 1 Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement. 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."

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