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Formula 1 has secured its future with the signing of the sport's latest Concorde Agreement. The sport reportedly turns over R13-billion a year and the new agreement will see the International Automobile Federation given a bigger slice of the revenue.
PARIS, France - Wheels24 hs already reported that the International Automobile Federation had signed a new Formula 1 Concorde Agreement but the signatures were those of two men whose individual futures are the subject of debate and speculation - FIA president Jean Todt and F1 chief executive Bernie Ecclestone.
Here's the background...
TODT, BERNIE FUTURE
Todt and Ecclestone may not be in office when the latest Concorde ends in seven years - 2020. Todt faces a challenge for his post in the FIA presidential elections in December 2013 from David Ward; Ecclestone has long been expected to announce his retirement after more than 40 years in F1.
He is 82.
It now remains for F1's 11 teams to add their signatures for the agreement, which sets out the commercial terms of F1.
The sport is understood to turn over more than R13-billion annually but the details are shrouded in secrecy as they have been since the original agreement in 1981, named after the Place de la Concorde in Paris, ended a long-running battle for control of TV rights in the 1970's.
In the sport's latest key contract, which lays down all the arrangements for the sport's enormous commercial activity, including all TV and news media activity, it's believed that the FIA will be given a bigger slice of the revenue than it has in the past.
'IMPROVED FINANCIAL MEANS'
The FIA said: "This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in the sport. The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams.
"The agreement lays down solid foundations for the further development of the F1 championship."
Ecclestone said merely that he was "pleased" that the agreement had been concluded. It is likely to be his last as the ring-master of the sports' business.
The previous agreement lapsed at the end of 2012 and the current F1 season has been run without one.
FINAL ACT
Todt, who is expected to retain his presidency in December and so emerge as a key figure in the re-building of F1 for the post-Ecclestone era, added: "We can be proud of this agreement, which establishes a more effective framework for the governance of the championship.
"The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come."
For Ecclestone, who spent many years in dialogue and sometimes conflict with men such as Enzo Ferrari, Colin Chapman, Jean-Marie Balestre and Max Mosley, it could be a final act before he withdraws.
PARIS, France - Wheels24 hs already reported that the International Automobile Federation had signed a new Formula 1 Concorde Agreement but the signatures were those of two men whose individual futures are the subject of debate and speculation - FIA president Jean Todt and F1 chief executive Bernie Ecclestone.
Here's the background...
TODT, BERNIE FUTURE
Todt and Ecclestone may not be in office when the latest Concorde ends in seven years - 2020. Todt faces a challenge for his post in the FIA presidential elections in December 2013 from David Ward; Ecclestone has long been expected to announce his retirement after more than 40 years in F1.
He is 82.
It now remains for F1's 11 teams to add their signatures for the agreement, which sets out the commercial terms of F1.
The sport is understood to turn over more than R13-billion annually but the details are shrouded in secrecy as they have been since the original agreement in 1981, named after the Place de la Concorde in Paris, ended a long-running battle for control of TV rights in the 1970's.
In the sport's latest key contract, which lays down all the arrangements for the sport's enormous commercial activity, including all TV and news media activity, it's believed that the FIA will be given a bigger slice of the revenue than it has in the past.
'IMPROVED FINANCIAL MEANS'
The FIA said: "This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in the sport. The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams.
"The agreement lays down solid foundations for the further development of the F1 championship."
Ecclestone said merely that he was "pleased" that the agreement had been concluded. It is likely to be his last as the ring-master of the sports' business.
The previous agreement lapsed at the end of 2012 and the current F1 season has been run without one.
FINAL ACT
Todt, who is expected to retain his presidency in December and so emerge as a key figure in the re-building of F1 for the post-Ecclestone era, added: "We can be proud of this agreement, which establishes a more effective framework for the governance of the championship.
"The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come."
For Ecclestone, who spent many years in dialogue and sometimes conflict with men such as Enzo Ferrari, Colin Chapman, Jean-Marie Balestre and Max Mosley, it could be a final act before he withdraws.
