Aussie GP to go ahead after agreement

Sydney: Australian Grand Prix organisers on Monday have confirmed that F1 race in Sydney will be held as per schedule. Sources confirmed the finalisation of a new Concorde Agreement between motor racing`s governing body, the FIA, and the 12 teams. Only last month Australian Formula One race chief Ron Walker said the race was likely to be scrapped if leading teams formed a breakaway series in 2010.

But an agreement, which runs until the end of 2012, was signed in Paris last Friday bringing to a close months of wrangling between the FIA and the Formula One Teams` Association (FOTA) over the governance of the sport. The Australian Grand Prix Corporation said the agreement would bring stability to the fractious sport. "The Australian Grand Prix Corporation is pleased with the announcement of the finalisation of the new agreement between the FIA and FOTA," it said in a statement. "The agreement brings stability to the sport of Formula One and ensures the best teams will be participating in the championship for years to come and will all be at Albert Park in March next year." The organisers said tickets for the 2010 Australian Grand Prix in Melbourne would go on sale on August 11 with interest high due to Australian driver Mark Webber`s outstanding season. Webber closed the gap on F1 world championship leader Jenson Button to 18.5 points after his third placing in the Hungarian Grand Prix on July 26. "Aussie Mark Webber`s success has ignited passionate fans from around the world and this season will undoubtedly continue to thrill," the AGPC said. The next race is in Valencia on August 23. Bureau Report