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GP Week : Issue 58
> F1NEWS> o FOTA confirms Concorde signing THE Formula One Teams’ Association has confirmed that its members, along with the five 2010 teams currently outside the organisation, have signed a new Concorde Agreement following suggestions in some areas of the press last week that they were yet to do so. “The Formula One Teams Association (FOTA) today welcomed the successful conclusion of negotiations leading to the signing of the 2009 Concorde Agreement,” the body stated last Wednesday. “Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’ [commitment to the sport] until the end of the 2012 season.” FOTA declared that it was pushing forward with its own guidelines for cost-reduction, and looked forward to the new Concorde Agreement reinvigorating the sport. “All Formula One teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s longstanding objective gradually to reduce overall spending, eventually to around the levels of the early 1990s. The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission, and various other Working Groups. The Formula 1 Commission will henceforth be a key decision-making body for change in Formula 1. FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach.” FOTA is yet to comment on pledges it made during its threats to start a rival championship, regarding reducing the cost of attending races for the sport’s fans, improving the show, nor the possibility of teams running a third car in the future. 9