The era of Formula 1’s contentious Concorde Agreement is at its end, according to the sport’s boss Bernie Ecclestone.
Difficult and protracted negotiations over the sport’s highly secretive document, binding Formula 1’s commercial rights holders with its teams and the governing FIA, are notorious.
The long saga over the newest seven-year Concorde is only just at its end, but according to Formula 1 Chief Executive Ecclestone, there may be no need for another.
Writing in the Wall Street Journal, Formula 1 business journalist Christian Sylt said that technical and sporting matters are now decided at the new Strategy Group, comprising Ecclestone, the FIA and six top teams.
As for the Concorde, “I think everyone has forgotten about it to be honest,” Ecclestone said, “because with the agreement we currently have with this Strategy Group, we don’t really need it.”
The 83-year-old said it is not even true that a new Concorde was necessary so that Formula 1 can be floated on the stock exchange.
“It was a “peace treaty” when it was signed. We have moved on and the whole structure has moved on,” said Ecclestone. (GMM)
Subbed by AJN.