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F1 and FIA agree to new Concorde Agreement
Friday 27th September 2013, 12:29 by TF1T Staff
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Formula 1's Bernie Ecclestone and FIA president Jean Todt have finally agreed a new Concorde Agreement, several months after the previous one expired.
The document governs how the sport is run and how the revenue is divided. Whilst the teams have agreed seperate deals with Formula One Management, the FIA sought changes to give it a greater financial stake.
That has now been agreed and the two parties will seek signatures from all the teams involved to conclude the 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 added: "I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded."
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