7-year Concorde Agreement till 2020 reached; Ward welcomes it

Dubrovink (Croatia), 27 Sept 2013: The agreement reached by the FIA and the Formula 1 Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013 – 2020, has now come into force, following the approval of the respective governing bodies of the signatory parties.

This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in the Motor Sport. The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams. The agreement lays down solid foundations for the further development of the FIA Formula One World Championship, according to an FIA press release on Friday.

Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement.

FIA President Jean Todt said: “We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship.  The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come.”

Bernie Ecclestone, CEO of the Formula 1 Group, added: “I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded”.

David Ward welcomes new Concorde Agreement and calls for extra investment in grass roots motor sport

Meanwhile, David Ward, a candidate in the FIA 2013 Presidential election, has issued the following statement about the new Concorde Agreement.

“The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA. This is a solid achievement by Jean Todt and I congratulate him for it. The question now is what will the new resources from Concorde be used for? The answer should be for investment in ‘grass roots’ development of motor sport.

“In my manifesto I have proposed to ‘use all the revenue in excess of regulatory costs of the F1 Championship for investment in motor sport safety, sustainability, solidarity funding of ASN development programmes, and for training of officials and volunteers’.

“Jean Todt has yet to publish a manifesto or explain how he will use the new funds now available to the FIA. Sooner rather than later this should be made clear to the FIA membership.”

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