Formula 1 governing body FIA presented important steps with all F1 team to approving a new Concorde Agreement through a meeting in Paris on Monday.
The meeting between FIA president, Jean Todt, Formula 1 boss Bernie Ecclestone and all team representatives to discuss the new Concorde Agreement for secure the future of the F1 World Championship.
Discussion includes championship entry fees, cost-cutting, and a new governance configuration – the FIA stated it was upbeat about how the talks developed. The Concorde Agreement will come into effect next season and run until 2020.
The FIA’s statement confirmed that the all F1 team head presented in meeting in the French capital– “During a constructive meeting, Jean Todt, the FIA President, in co-operation with Bernie Ecclestone, the Commercial Rights Holder, has presented to all F1 Team Principals the new structure of governance, including the new conditions of entry for the Concorde Agreement, starting in 2013.”
“All the participants in the meeting were encouraged to seek clarification which resulted in a fruitful and helpful debate on how the new structure would operate in 2013 and beyond.”
“A further important step has been achieved today to secure the future of the F1 World Championship which should lead to a final settlement to be reached between the FIA, the Commercial Rights Holder and the Teams in the coming weeks.”