The FIA has released a statement, saying that the new Concord Agreement has "now come into force."
The statement confirmed that the governing body and Formula One Management - Bernie Ecclestone's organisation - has both given their "approval."
The newly signed agreement will last for seven years, up until 2020, and now needs to be signed and agreed to by all 11 F1 teams before it can be fully operational.
It will provide a boost in funds for the FIA along with debuting a new governance structure, with voting now being placed in the hands of the FIA, the F1 Group and six Formula 1 teams - Ferrari, McLaren, Mercedes, Red Bull, Williams and the next highest placed finisher in the constructors standings, which is currently Force India.
The hope is that this will make the rule-making process easier than in the past. The new agreement comes after a lengthy time of negotiations, with the previous agreement having expired last year. In the meantime, all teams bar Marussia agreed individual terms with Bernie Ecclestone.
A statement on the FIA website read: "The agreement reached by the FIA and the Formula 1 Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013 – 2020, has now come into force, following the approval of the respective governing bodies of the signatory parties.
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 One World Championship. Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement.
Current 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."
The announcement comes on the day of the FIA World Motor Sport Council's meeting in Croatia, where they will ratify next season's calendar and discuss how it might spend its increased share of the sport's revenue.
Meanwhile David Ward, who is running against Todt in the up-coming FIA presidential elections, commented on the news and called for his rival to release his own plans for how he will use the funds generated by the new deal: "The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA. This is a solid achievement by Jean Todt and I congratulate him for it. The question now is what will the new resources from Concorde be used for? The answer should be for investment in ‘grass roots’ development of motor sport."
"In my manifesto I have proposed to ‘use all the revenue in excess of regulatory costs of the F1 Championship for investment in motor sport safety, sustainability, solidarity funding of ASN development programmes, and for training of officials and volunteers. Jean Todt has yet to publish a manifesto or explain how he will use the new funds now available to the FIA. Sooner rather than later this should be made clear to the FIA membership."
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| (c) Octane Photographic |
The newly signed agreement will last for seven years, up until 2020, and now needs to be signed and agreed to by all 11 F1 teams before it can be fully operational.
It will provide a boost in funds for the FIA along with debuting a new governance structure, with voting now being placed in the hands of the FIA, the F1 Group and six Formula 1 teams - Ferrari, McLaren, Mercedes, Red Bull, Williams and the next highest placed finisher in the constructors standings, which is currently Force India.
The hope is that this will make the rule-making process easier than in the past. The new agreement comes after a lengthy time of negotiations, with the previous agreement having expired last year. In the meantime, all teams bar Marussia agreed individual terms with Bernie Ecclestone.
A statement on the FIA website read: "The agreement reached by the FIA and the Formula 1 Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013 – 2020, has now come into force, following the approval of the respective governing bodies of the signatory parties.
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 One World Championship. Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement.
Current 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."
The announcement comes on the day of the FIA World Motor Sport Council's meeting in Croatia, where they will ratify next season's calendar and discuss how it might spend its increased share of the sport's revenue.
Meanwhile David Ward, who is running against Todt in the up-coming FIA presidential elections, commented on the news and called for his rival to release his own plans for how he will use the funds generated by the new deal: "The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA. This is a solid achievement by Jean Todt and I congratulate him for it. The question now is what will the new resources from Concorde be used for? The answer should be for investment in ‘grass roots’ development of motor sport."
"In my manifesto I have proposed to ‘use all the revenue in excess of regulatory costs of the F1 Championship for investment in motor sport safety, sustainability, solidarity funding of ASN development programmes, and for training of officials and volunteers. Jean Todt has yet to publish a manifesto or explain how he will use the new funds now available to the FIA. Sooner rather than later this should be made clear to the FIA membership."
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