F1 and FIA agree new Concorde Agreement

Saturday 27th July 2013, 10:55 by TF1T Staff 

Sutton

The long wait for a new Concorde Agreement - the document which govers how the sport is run and how the prize money is distributed - looks to be over after the FIA and FOM issued a statement saying they had come to an agreement over a new contract.

Whilst the actual agreement itself hasn't been agreed upon, it's expected that it will now be signed by all involved parties by the end of the month.

A joint-statement on Saturday said: "The Formula 1 Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement.

"This agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks.

"Further information on this agreement will be available after receipt of such approval."

Bernie Ecclestone already has agreements in place with 10 of the 11 teams - excluding Marussia - which sets out the terms of the sport and how they will be rewarded.

These terms will be included in the new Concorde Agreement, therefore the teams will likely sign-up without objection. The major sticking point was between the FIA and FOM.

The former's president, Jean Todt, was keen to secure additional funding for the FIA, whilst FOM wanted to take control of media access to F1 which currently falls under the FIA.

With the release of this statement, it would seem those two issues have been resolved.

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