The finalization of the Concorde Agreements on track
The F1 teams gathered in Paris today at the FIA headquarters to discuss the future Concorde Agreements, and the meeting was "constructive" according to the governing body.
The Concorde Agreements governing the current format of Formula 1 will expire at the end of the year, and the new Agreements that will govern the Formula 1 World Championship for the period 2013-2020 have been the subject of intense negotiations between the teams and Bernie Ecclestone for several months.
The teams particularly wish for a larger share of the financial pie represented by Formula 1’s commercial rights. And while all the teams seemed to have reached an agreement with Bernie Ecclestone, differences have recently emerged—about a possible increase in the entry fees for the F1 World Championship—and not everything is completely settled according to the FIA, even if the latter remains optimistic about the future.
During a constructive meeting, Jean Todt, President of the FIA, in collaboration with Bernie Ecclestone, Commercial Rights Holder, presented the new governance structure to all F1 team directors, including the new terms of engagement under the Concorde Agreement, effective from 2013, explains the FIA in a statement released this Monday.
All meeting participants were encouraged to ask questions, which led to a useful and fruitful debate on the functioning of the new structure in 2013 and beyond. Another important step was taken this day to ensure the future of the Formula One World Championship, which should lead to the conclusion of a final agreement between the FIA, the Commercial Rights Holder, and the Teams in the coming weeks, stated the press release issued by the Fédération Internationale de l’Automobile.
