New concorde agreement signed
Mosley signed a deal on new cost-cutting measure for 2010
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By Adam Leveridge
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Saturday, 01, Aug 2009 04:57
By Adam Leveridge
FIA president Max Mosley finally signed a new concorde agreement last night, bringing to an end the political rows which shook formula one during the first half of the 2009 season.
The concorde agreement is a three-way deal between the sport's governing body, Formula One Management (FOM) and the teams, which outlines how the sport should be run and how revenue should be distributed.
"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," said an FIA statement.
"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 new concorde agreement , which runs until December 31st 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."
In their statement, the FIA also announced that a deal had been signed regarding cost-cutting measures for 2010.
"In addition, as agreed in Paris on June 24th 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."