FIA signs up to new Concorde with improved financial means

In Jule Bernie Ecclestone and Jean Todt signed an agreement setting out a framework for the new Concorde Agreement

In July Bernie Ecclestone and Jean Todt signed an agreement setting out a framework for the new Concorde Agreement

The FIA has finally put pen to paper to conclude a new Concorde Agreement.

In late July at the Hungaroring, Formula 1 chief executive Bernie Ecclestone sat down with FIA president Jean Todt and shook hands on the new deal through 2020.

But that was only a “framework” for the implementation of the Concorde, a tripartite agreement that binds the teams with the commercial rights holders and the FIA.

It emerged on Friday that a “multi-party Concorde Agreement” is still to be concluded.

The big stumbling block, however – the FIA’s new financial deal – has now been overcome, and the arrangement between the commercial rights holder and the FIA is now in force, the Paris federation announced on Friday.

A statement said that the agreement gives the FIA “significantly improved financial means”. (GMM)

Subbed by AJN.

  • McLarenfan

    The FIA were never short of Cash yet they still insist on bleeding money away from the teams. Implementing new rules to be Green yet they are far from it, then they decide in their wisdom of saving money change the rules making the new power units that are so expensive that they almost wipe out a third of the teams. just a bunch of PARASITES!!!

  • Boycottthebull

    McLarenfan is correct. Bernies is not one to part with a single penny unless he is bribing someone so the extra cash that the FIA gets allowing them to be even greater killjoys can only come from a further plunder of team resources. With many already struggling financially they bring in a whole new formula that escalates costs to new proportions doubling engine costs, adding too many races and extra testing so do they give more of the money to the teams that actually provide the spectacle? No they bleed even more to fill the treasure chests of the FIA to help Jean Turd win the FIA elections. Good one, lets see how many teams survive this next couple of seasons