FIA presidential candidate David Ward has welcomed the announcement that a new Concorde Agreement has been reached by the FIA and Formula One Management.

The governing body confirmed the news in a statement issued on Friday morning [27 September] to confirm that it had agreed terms on the document, which includes a greater share of revenue for the FIA.

Speaking following the announcement, Ward - who is seeking to replace current president Jean Todt - welcomed the news and called for the extra money to be invested in the grass roots of the sport.

Related Articles

"The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA," he said. "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."