Ecclestone and Todt set out framework for new Concorde Agreement
27 July, 2013
The news swept through the Hungaroring paddock like a whirlwind – the 2013 Concorde Agreement is signed at last – but it ended up being something of a smokescreen…
In the long absence of a current Concorde, Formula 1′s confidential agreement binding the three corners of the sport, Bernie Ecclestone already had new ‘financial’ agreements with the teams in place.
The missing piece of the puzzle was a deal between the F1 chief executive, representing the sport’s commercial rights holders, and the governing FIA.
“There’s obviously been lots of things we’ve had to sort out,” said Ecclestone in Hungary.
The most recent speculation is that Ecclestone has been holding out on releasing more revenue to the FIA, in exchange for more control over the accreditation of print journalists.
But, in a paddock motor home on Saturday, the 82-year-old sat down at a table with FIA president Jean Todt, they shook hands and smiled, and they signed the papers.
But as the joint press release admitted, a Concorde Agreement it was not.
Actually, what they signed on Saturday was a “framework for [the] implementation of the 2013 Concorde Agreement”.
It will only become the Concorde “upon approval by the respective governing bodies” in the “coming weeks”. (GMM)
Subbed by AJN.