Wednesday, August 5, 2009

FOTA Welcomes Concorde Agreement

FOTA Press Release:
FOTA welcomes Concorde Agreement and looks to the future.
Geneva, 5 August 2009
The Formula One Teams Association (FOTA) today welcomed the successful
conclusion of negotiations leading to the signing of the 2009 Concorde Agreement.
Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the
FIA, and Formula One Administration (FOA), Concorde 2009 lays down the
commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’
until the end of the 2012 season.
FOTA will support any initiative which would allow BMW-Sauber AG to reapply for full
participation within the new Concorde Agreement.
All Formula One teams have together reached a voluntary agreement on their own,
which will put into practice FOTA’s long-standing objective gradually to reduce overall
spending, eventually to around the levels of the early 1990s.
The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission,
and various other Working Groups. The Formula 1 Commission will henceforth be a
key decision-making body for change in Formula 1.
FOTA’s attention will now turn to other issues we believe to be in the long-term
interest of F1: racing at the best tracks, in front of the biggest audiences and
expanding F1’s reach.

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