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New Concorde Agreement set to be reached

ESPN Staff
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The FIA confirmed the agreement on Saturday morning in Hungary © Getty Images
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Formula One and the FIA have reached an agreement for the implementation of a new Concorde Agreement, which appears to bring more stability to the future of the sport.

The FIA confirmed that a Memorandum of Understanding (MoU) was signed on Friday after the previous agreement lapsed at the end of 2012. The Concorde Agreement binds the FIA, the commercial rights holder and the teams together and all the teams except Marussia had been continuing under individual agreements with Bernie Ecclestone since the start of the season.

Ecclestone said in May that financial terms had been established on the 2013 Concorde Agreement, and now the FIA has released a statement which confirms the signing of an MoU, although it doesn't state whether or not the terms of the new Concorde have been finalised.

"The Formula 1 Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement," the statement read.

"This agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks.

"Further information on this agreement will be available after receipt of such approval."

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