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F1 teams close to new 'Concorde'

2012-10-26 06:56

ROSS BRAWN: Agreement on a new F1 'Concorde' being hammered out.

Abhishek Takle

GREATER NOIDA, India - Formula 1 teams have broadly agreed to an increase in entry fees for 2013 and a new 'Concorde' commercial agreement could be signed very soon, according to Mercedes principal Ross Brawn.

The Concorde is a confidential commercial agreement between the rights-holding company, the 12 teams whose cars compete in the 20-race series, and the governing International Automobile Federation. It also sets out how much of the TV rights and prize money the teams will receive; the current one will expire at the end of 2012.

'BROAD AGREEMENT'

The teams, IAF and commercial rights-holder Bernie Ecclestone have been working for months to hammer out the deal.

"I think there was broad agreement on all the various points," Brawn said during a meeting or all parties in Paris. "There were no rebellions, let's put it that way.

"I think the level of the entry fee was discussed, the reasons why it needs to be what it is was discussed, and in the end there was general consensus on what we're doing. It was a fairly constructive meeting."

The IAF, which sets the entry fees for teams and is reported to be asking for a significant increase depending on points scored in the previous year, said earlier in the week that a settlement "could be reached in the coming weeks".

Stay with Wheels24 for the 2012 Indian F1 GP weekend.

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