What Is The Concorde Agreement

So when F1 sources confirmed that the first registration period of August 12 had been postponed by six days, there was a bit of doubt that was starting to sneak into what was going to happen. Then the new deadline came and went, and the ten teams signed on the points line. On July 29, 2008, the ten participating teams created the Formula One Teams Association (FOTA) to negotiate the terms of the contract. After a dispute between FOTA and the FIA in the first half of 2009, Mosley and all the teams signed a new Concorde contract, although Sauber, who was the majority owner of BMW in transition, had announced shortly before his retirement from the sport at the end of the season, so was waiting for a control of the team to be returned to Peter Sauber before signing. The new agreement provides for the continuation of the terms of the 1998 agreement and will continue until 31 December 2012. At the same FIA World Motor Sport Council meeting, a resource limitation programme was approved, as well as a series of revised sports and technical rules for the 2010 season. [11] In an FIA statement, the FIA and Formula 1 can confirm today that all 10 teams have approved the new Concorde agreement. It has been preceded by in-depth discussions over the past 12 months with all teams, Formula 1 and the FIA. According to a Formula 1 press release, the new agreement „will reduce financial and course disparities between teams, help establish the conditions for competition and allow for closer races on the track that our fans want to see more.“ The FIA and Formula 1 would like to thank all the teams for their constant commitment over the past few weeks, and while discussions are intense, the agreement of all teams is an important basis for the long-term future of the sport. The Concorde agreement is a contract between the International Automobile Federation (FIA), the Formula 1 teams and the Formula 1 group, which imposes the conditions under which the teams participate in the races and the sharing of television revenues and price. There were indeed eight separate agreements, all top secret: the first in 1981, the other in 1987, 1992, 1997, 1998, 2009, 2013 and the current agreement for 2021. However, the secret was broken by the famous race journalist Forrest Bond when the publication of the 120 page 1997 Concorde Agreement by RaceFax in late 2005. [1] Such an agreement at present speculate that some teams, such as Mercedes, could not stay upright.

READ MORE: The cost cap for F1 2021 has said what has changed and why? In 1995, the FIA decided to transfer the commercial rights from Formula 1 to the Formula 1 administration for 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested by rejecting the proposed Concorde Agreement (negotiations for which it began in 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of OFZL, negotiated the transfer of the organization`s rights to his own company.