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F1 Concorde signed at last

2013-09-27 13:38

SIGNED AT LAST: The FIA's new Formula 1 Concorde Agreement gives the organisation "significantly improved financial means". Image: AP

PARIS, France - The International Automobile Federation has at last signed on to a new Formula 1 Concorde Agreement.

In late July 2013, at the Hungaroring, F1 chief executive Bernie Ecclestone sat down with federation president Jean Todt and shook hands on the new deal that will last through 2020 but that was only a "framework" for the implementation of the concorde, a tripartite agreement that binds the teams with the commercial rights holders and the federation.

STUMBLING BLOCK

It emerged on Friday (Sept 27) that a "multi-party Concorde Agreement" was still yet to be concluded.

The big stumbling block, however - the federation's new financial deal - has now been overcome and the arrangement between the commercial rights holder and it were now "in force", the Paris federation said.

A statement said the agreement gave the federation "significantly improved financial means".
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