FIA: New Concorde Agreement is active
27 September 2013 – The FIA has announced that the provisional deal reached with the Formula 1 Group in July 2013 over the terms of the sport's new Concorde Agreement has now come into force, with both parties having finally committed to the document after months of negotiations.
The new agreement sees a boost in funds for the FIA, and is due to run through to the 2020 season. Despite prior reports to the contrary, it appears that negotiations with the teams are still ongoing, with a statement on the FIA’s website revealing: "Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement."
FIA President Jean 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 fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come."
Bernie Ecclestone added: "I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded".
The news comes ahead of today’s meeting of the FIA World Motor Sport Council.