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GP Week : Issue 57
New Concorde creates Peace FOLLOWING years of argument and the threat of a breakaway championship, a new Concorde Agreement has finally been agreed and signed, ensuring the political and commercial stability of Formula 1 until 2012. The Concorde Agreement, an F1 constitution of sorts, has been in discussion since its last iteration ran out in 2007. An agreement was made to cover the past two seasons which allowed its basic principles to continue, but the final agreement on a new version of the document is a major step forward for Formula 1. “Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship,” an FIA statement read. Only 12 teams have signed up to the new agreement, following BMW’s announcement that it is to quit Formula 1 at the end of the 2009 season. It is as yet unclear whether BMW will sign the agreement before selling the team, whether new owners of the team will sign up to the agreement or whether BMW will simply pull out of the sport and leave its grid slot open to an FIA tender. The 12 current signatories include all current F1 teams (minus BMW) and the three new-for-2010 outfits, USF1, Manor and Campos. “The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in 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 FIA statement continued. “In addition, as agreed in Paris on 24 June 2009, the Teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s.” ADVERTISE in GPWEEK to access a HUGE global audience 10