F1 bodies sign commercial agreement

Fri Sep 27, 2013 11:00am EDT
 
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By Alan Baldwin

LONDON (Reuters) - Formula One's governing body signed a bilateral agreement with commercial supremo Bernie Ecclestone on Friday that it said would give it more money and the sport a solid foundation through to 2020.

"The agreement reached by the FIA and the Formula One Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013-2020, has now come into force," the International Automobile Federation (FIA) said in a statement.

"Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement," added the body, whose world motor sport council is meeting in Croatia.

The confidential Concorde Agreement, which expired at the end of last year, sets out the commercial side of the highly lucrative sport, including the distribution of revenues.

It must still be agreed by the rights holder, governing body and teams - 11 at present. Only once the document has been signed by all parties will it come into force and that could still be some way off.

Ecclestone has bilateral deals with all the teams except tail-enders Marussia.

"The next step is to get the FIA, FOM (Formula One Management) and 11 teams around a table," one senior team official told Reuters.

"At the moment we have 10 bilateral agreements with the teams and some kind of MOU (memorandum of understanding) between the FIA and the commercial rights holder."   Continued...

 
Bernie Ecclestone arrives at the world premiere of Rush at a cinema in Leicester Square, central London, September 2, 2013. REUTERS/Toby Melville