The FIA has revealed that president Max Mosley has put his signature to a new version of the Concorde Agreement, bringing an end to the political rows that so far dogged the 2009 F1 season.
The lack of a new Concorde Agreement – which sets out how the sport is run – has been a bone of contention during the various disagreements between the FIA and the Formula One Teams' Association that have occurred in recent months, but the agreement should now provide stability as F1 moves forward.
“Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship,” a missive from the governing body read.
“The Concorde Agreement – a contract between the FIA, F1's commercial rights-holder and the participating teams – sets out the basis on which the teams participate in the championship and share in its commercial success.
“The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification.”
As well as the signing of the new Concorde Agreement, the FIA also confirmed that that World Motor Sport Council has approved minor changes to the sporting and technical regulations for the 2010 season – which will be published shortly – and that the competing teams had finally reached agreement on ways to cut the costs involved in the sport.
“The WMSC has also approved a slightly revised set of stable Sporting and Technical Regulations (to apply from the 2010 Championship onwards), which have been agreed by the FIA and the teams and which will be published shortly on the FIA's website,” the statement continued. “In addition, as agreed in Paris on 24 June 2009, the teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s.
“With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula One World Championship.”