This agreement provides the FIA with significantly improved financial resources to fulfil its regulatory missions and reflect the FIA`s increased role in motorsport. The parties agreed on a strong and stable framework for sports governance, including the Formula 1 group, the FIA and the participating teams. The agreement lays the solid foundation for the development of the FIA Formula 1 World Championship. On March 27, 2006, the five teams supported by the Grand Prix Manufacturers Association – BMW Sauber, Renault, Honda, McLaren and Toyota – submitted their bids for the 2008 season and agreed to remain in the sport until 2012. [8] [9] On May 14, 2006, the five TEAMS supported by the GPMA signed a Memorandum of Understanding with commercial rights holders (CVC/Ecclestone) that served as the basis for the following agreement. [10] As a result, there was no complete agreement for the 2008 season, as the memorandum, extensions and agreements with the other teams served as a stop.” Such an agreement, at present, speculation that some teams, like Mercedes, could not stay upright. But Mr Bond said he felt it was right to reveal the full agreement. Bernie Ecclestone, CEO of the Formula 1 group, added: “I am very pleased that the agreement between the FIA and Formula 1 has been reached.” The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and show up at each race, guaranteeing their right to do so in order to assure the public of the newly acquired television of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been “leased” to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone. Another important element was the stability of the rules, which is described as protecting teams from “the whims of the governing body”. [2] The Concorde agreement is a contract between the International Automobile Federation (FIA), the Formula 1 teams and the Formula 1 group, which imposes the conditions under which the teams participate in the races and the sharing of television revenue and price.
There were indeed eight separate agreements, all top secret: the first in 1981, the other in 1987, 1992, 1997, 1998, 2009, 2013 and the current agreement for 2021. However, the secret was broken by the famous race journalist Forrest Bond when the publication of the 120 page 1997 Concorde Agreement by RaceFax in late 2005. [1] I also had www.concordeagreement.com, some of which were archived for posterity. In 1995, the FIA decided to transfer the commercial rights from Formula 1 to the Formula 1 administration for 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested by rejecting the proposed Concorde Agreement (negotiations for which it began in 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of OFZL, negotiated the transfer of the organization`s rights to his own company. Tyrrell also objected to the agreement`s endorsement being kept secret and argued that the secrecy of the agreement would only benefit Ecclestone (by weakening the bargaining power of the other parties). FIA President Jean Todt: “We are pleased that Ferrari has signed the new Concorde agreement, the three-way agreement that ensures a stable future for the FiA Formula 1 World Championship. This is the highlight of motorsport, and it is of course that the most successful team of all time in this series, in which it has always been a protagonist, should remain like this for many years. Maranello, Italy, August 18, 2020 – Ferrari N.V.
(NYSE/MTA: RACE) announces that Ferrari S.p.A. has today signed the two contracts that will govern Scuderia`s participation in the FIA Formula 1 World Championship from 2021 to 2025.
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