FIA signs up to new Concorde with improved financial means

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.