AUGUST 1, 2009
The Concorde Agreement is done
Following approval by the World Motor Sport Council, late last night FIA President Max Mosley has signed the 2009 Concorde Agreement. This is a contract between the FIA, the Commercial Rights Holder of Formula 1 and the teams and it sets out the basis on which the teams participate and defines their share of the revenues. The new deal runs until the end of 2012 and follows many of the provisions of the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification.
The teams have also agreed a "resource restriction agreement", which aims to return expenditure to the levels that prevailed in the early 1990s.
The agreements should herald a renewed period of stability in the sport.