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Formula 1 announces Concorde deal
Formula 1's governing body and commercial arm have signed a new agreement binding them together for the next seven years. A statement on the website of the FIA said it and F1 commercial boss Bernie Ecclestone's FOM organisation had been 'approved' by both bodies. The so-called Concorde Agreement now needs to be signed by the 11 teams to come into full operation. It sets out the commercial terms of F1, which has about £1bn annual revenue. The details are kept confidential, but the new agreement guarantees the FIA a greater slice of F1's income. What is the Concorde Agreement? The Concorde Agreement is a contract between Formula 1's governing body (FIA), Formula 1 teams, and the Formula One...
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