Formula One news

New Concorde agreement all set

A Concorde agreement is being finalised and will be signed by all teams, according to Luca di Montezemolo, Chairman of the Formula One Teams' Association (FOTA). The Ferrari President made the annoucement at the FOTA press conference in Geneva, Switzerand on Thursday. The agreement, which has been absent from Formula 1 since the end of 2007, sets out the general terms and conditions by which the teams compete.

"I haven't got any written confirmation from teams or car manufacturers, but as you know I have a lot of contact with my colleagues," di Montezemolo said. "I am talking now as the Chairman of Fiat, and want to say that all of the car manufacturers are prepared to enter and commit into a new Concorde Agreement until the end of 2012 - all of the actual teams and car manufacturers."

News yesterday (Wednesday) from Renault CEO Patrick Pelata claimed that the French team is threatening to leave the sport if no cost-cutting solution is found. Di Montezemolo clarified the remarks: "I think what he said was exactly what we discussed a few weeks ago with the chairman of Renault (Carlos Ghosn).

We share the belief that, to maintain F1 constructors, it is important to have a good balance between the revenues and overheads. There is no question about it. With the decision FOTA has taken for 2010, Renault is extremely pleased with the costs involved and we are committed until the end of 2012. For after that year, we have to look ahead to increase the revenues."

There have been five Concorde agreements to date - in 1981, 1987, 1997, 1998 and 2007. The 2007 agreement expired on the 31 December of that year and delays to sign a new document have been prolonged by issues such as the customer car row.

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