The new Concorde agreements finally signed!

The FIA announced that the new Concorde Agreements have been signed by President Max Mosley, thereby ending the disputes that shook Formula 1 during the first half of the 2009 season.

With three parties, including the FIA, the commercial rights holder Bernie Ecclestone, and the F1 teams, the Concorde Agreement is the document that defines how F1 is managed and how the revenues are distributed.

The absence of new Concorde Agreements had been a point of friction between the FIA and the Formula One Teams Association (FOTA) earlier this season.

According to a statement from the FIA: « Following the approval of the World Motor Sport Council, FIA President Max Mosley signed the 2009 Concorde Agreement, announcing a new period of stability for the Formula 1 World Championship. »

« The council also approved a slightly revised version of the stability of the technical (applicable from the 2010 championship) and sporting regulations. These points have been approved by the FIA and the teams and will be published shortly on the FIA website. »

« The new Concorde Agreement, which runs until December 31, 2012, provides for the continuation of the procedures of the 1998 agreement, with decisions made by working groups and commissions, where all teams have the right to vote, before going through the World Council. »

All the teams registered for the 2010 Formula 1 World Championship have signed the agreement except BMW-Sauber.

The FIA also confirmed that the final agreement was made based on measures aimed at strengthening cost reduction.

« Furthermore, as agreed in Paris on June 24, 2009, the teams have concluded a resource limitation agreement, which aims to return to the spending levels that prevailed in the early 1990s.

« With the 2009 agreement, the FIA looks forward to a period of stability and prosperity within the F1 World Championship. »