The governing body of Formula 1 indicated that a new Concorde Agreement would soon be signed between the various parties. These Concorde Agreements are legal documents binding the teams, the governing bodies, and the commercial rights holders of Formula 1.<\/p>\n
A statement from the FIA announced that negotiations between Bernie Ecclestone’s FOM and the 13 teams for 2010 are closed.<\/p>\n
\u00ab Subject to the approval of the World Motor Sport Council, and upon receipt of confirmation of a cost reduction agreement, the new Concorde Agreement should be ready by the end of next week. \u00bb<\/p>\n
It was reported that the issue would be resolved shortly after the recent German Grand Prix, but the newspapers Auto Motor<\/i> and Sport<\/i> report that the non-FOTA members, namely Williams and Force India, pushed on a number of issues. Indeed, the two teams wanted unanimity \u2013 rather than the majority rule \u2013 for cost issues. On the other hand, some rules have been appreciated: the minimum weight limit has increased from 605 kg to 620 kg; refueling rules will be banned; and KERS remains in the regulations, but FOTA members have agreed not to adapt to this system next year.<\/p>\n
If the new Concorde agreements are signed, it will be like burying a hatchet between FOTA and the governing bodies of Formula 1.<\/p>\n","protected":false},"excerpt":{"rendered":"
The governing body of Formula 1 indicated that a new Concorde Agreement would soon be signed between the various parties. These Concorde Agreements are legal documents binding the teams, the governing bodies, and the commercial rights holders of Formula 1. A statement from the FIA announced that negotiations between Bernie Ecclestone’s FOM and the 13 […]<\/p>\n","protected":false},"author":17,"featured_media":42649,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1,1749],"tags":[370,377,390],"class_list":["post-23964","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-f1","category-news","tag-fia","tag-fom","tag-fota"],"acf":[],"yoast_head":"\n