Formula One: New Concorde deal announced for Formula One
Formula One motor racing secured its future today with the agreement of two men whose own individual futures are the subject of intense debate and speculation.
|Last Updated: Sep 27, 2013, 08:45 PM IST|Source: Bureau
Paris: Formula One motor racing secured its future today with the agreement of two men whose own individual futures are the subject of intense debate and speculation.
Both Frenchman Jean Todt and Briton Bernie Ecclestone may not be in office when the latest "Concorde Agreement", supported by them, ends in seven years` time - a situation that brings the sport`s long-term future into clear focus.
Todt is the president of the sport`s ruling body, the International Motoring Federation (FIA), and Ecclestone is the chief of the commercial rights holding organisation and heads Formula One Management (FOM).
Between them, they have great influence over the shape, operation and future of Formula One - but question marks hang over them.
Todt faces a challenge for his post in the FIA presidential elections in December from Briton David Ward while Ecclestone, at 82, has long been expected to announce his retirement following more than 40 years in Formula One.
In essence, this all means that the latest binding agreement - for seven years - between the sport`s ruling body and commercial operation could be their last - and that F1 has that period of time in which to create a new structure and a secure transfer of power.
News of the long-awaited confirmation of the new Concorde Agreement came in a statement on the FIA website.
It said, in typical fashion, that both the FIA and F1 commercial boss Ecclestone`s FOM organisation had given their "approval" to the agreement.
It now remains for F1`s 11 teams to add their signatures for the agreement, which sets out the commercial terms of F1, to be operational.
The sport is understood to turn over more than 1.3 billion dollars annually, but the details are shrouded in secrecy as they have been since the original agreement in 1981 - named after the Place de la Concorde in Paris - ended a long-running battle for control of television rights in the 1970s.
In Friday`s latest version of the sport`s key contract,
which lays down all the arrangements for the sport`s enormous commercial activity, including all television and media activity, it is believed that the FIA will be given a bigger slice of the revenue than it has in the past.
In their statement, the FIA said: "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 1 World Championship."
Ecclestone said merely that he was "pleased" that the agreement had been concluded. It is likely to be his last as the ring-master of the sports` business.
The last agreement lapsed at the end of 2012 and the current F1 season has been run without one.
Todt, who is expected to retain his presidency in December and so emerge as a key figure in the re-building of F1 for the post-Ecclestone era, added: "We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula 1 World Championship.
"The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come."
For Ecclestone, who spent many years in dialogue and sometimes conflict with men like Italian Enzo Ferrari, Briton Colin Chapman, Frenchman Jean-Marie Balestre and Briton Max Mosley, it could be a final act before he plans his withdrawal.
AFP
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device to enhance site navigation, analyze site usage, and assist in our marketing efforts.
Cookies Setting
By clicking “Accept All Cookies”, you agree to the storing of cookies on your device and the processing of information obtained via those cookies (including about your preferences, device and online activity) by us and our commercial partners to enhance site navigation, personalise ads, analyze site usage, and assist in our marketing efforts. More information can be found in our Cookies and Privacy Policy. You can amend your cookie settings to reject non-essential cookies by clicking Cookie Settings below.
Manage Consent Preferences
Strictly Necessary Cookies
These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site will not then work or you may not be able to login.
Functional Cookies
These cookies enable the website to provide enhanced functionality and personalisation. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies then some or all of these services may not function properly.
Targeting Cookies
These cookies may be set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant adverts on other sites. They are also used to limit the number of times you see an advert as well as help measure the effectiveness of an advertising campaign. They do not store directly personal information, but are based on uniquely identifying your browser and internet device. If you do not allow these cookies, you will experience less targeted advertising.
Performance Cookies
These cookies allow us to count visits and traffic sources so we can measure and improve the performance of our site. They help us to know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies we may not know when you have visited our site, and may not be able to monitor its performance.