F1 bodies sign commercial agreement

Comments 0
The confidential Concorde Agreement, which expired at the end of last year, sets out the commercial side of the highly lucrative sport, including the distribution of revenues (AP) The confidential Concorde Agreement, which expired at the end of last year, sets out the commercial side of the highly lucrative sport, including the distribution of revenues (AP)
SummaryFormula One's governing body signed a bilateral agreement with commercial supremo Ecclestone.

Formula One's governing body signed a bilateral agreement with commercial supremo Bernie Ecclestone on Friday that it said would give it more money and the sport a solid foundation through to 2020.

"The agreement reached by the FIA and the Formula One Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013-2020, has now come into force," the International Automobile Federation (FIA) said in a statement.

"Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement," added the body, whose world motor sport council is meeting in Croatia.

The confidential Concorde Agreement, which expired at the end of last year, sets out the commercial side of the highly lucrative sport, including the distribution of revenues.

It must still be agreed by the rights holder, governing body and teams - 11 at present. Only once the document has been signed by all parties will it come into force and that could still be some way off.

Ecclestone has bilateral deals with all the teams except tail-enders Marussia.

"The next step is to get the FIA, FOM (Formula One Management) and 11 teams around a table," one senior team official told Reuters.

"At the moment we have 10 bilateral agreements with the teams and some kind of MOU (memorandum of understanding) between the FIA and the commercial rights holder."

New Jersey on expanded 2014 F1 calendar

New Jersey was one of three grands prix listed provisionally on a record 22-race Formula One calendar published by the governing FIA on Friday.

The inaugural Grand Prix of the Americas, to be staged against a backdrop of the New York skyline, had looked doubtful earlier in the year when it was absent from a draft calendar circulated to teams.

The calendar issued by the International Automobile Federation gave New Jersey a June 1 date, a week before the Canadian race in Montreal.

The Korean Grand Prix, which moves to April 27, and a return of Mexico on Nov. 16, were also listed as provisional. Russia will make its debut with a race in Sochi on Oct 5. and Austria returns on June 22.

Ads by Google

More from Latest News

Reader´s Comments
| Post a Comment
Please Wait while comments are loading...