Teams sign 2012 Concorde Agreement

Discussion in 'Motorsports' started by MuscleCarHeart, Aug 5, 2009.

  1. Four days after the sport’s governing body signed off the Concorde agreement, the legal document that ties the FIA with the teams and commercial rights holders, the Formula One Teams' Association Wednesday evening confirmed its signing of the agreement.

    FOTA, although not representing Williams and Force India who have been suspended from the group, said in a statement that every team except the departing BMW Sauber team has signed the document.

    The commercial and regulatory agreement also guarantees "the teams' participation until the end of the 2012 season," read the statement.

    It was also confirmed that "all Formula One teams" have signed up for the voluntary cost regulation agreement, which replaces FIA president Max Mosley's controversial £40m cost cap and instead will reduce spending to "early 1990s" levels by other means.

    "FOTA's attention will now turn to other issues we believe to be in the long term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1's reach," the statement concluded.

    The agreement ends any prospect of a so-called breakaway series and means that with the exception of BMW Sauber, the remaining teams will all compete until the end of the 2012 season at least.

    FOTA statement in full

    "The Formula One Teams Association (FOTA) today welcomed the successful conclusion of negotiations leading to the signing of the 2009 Concorde Agreement.


    "Signed by all Formula One teams, with the only exception of BMW Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula One whilst guaranteeing the teams’ until the end of the 2012 season.

    "FOTA will support any initiative which would allow BMW Sauber AG to reapply for full participation within the new Concorde Agreement.

    "All Formula One teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s long-standing objective gradually to reduce overall spending, eventually to around the levels of the early 1990s.

    "The terms of Concorde 2009 will reinvigorate the role of the Formula One Commission, and various other Working Groups. The Formula One Commission will henceforth be a key decision-making body for change in Formula One.

    "FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach."

    E.A. © CAPSIS International
    Source: GMM
     

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