Formula 1 and FIA Sign New Concorde Agreement

The FIA and Formula One Group have signed a new Concorde Agreement covering from 2013 to 2020 on Friday, September 27.

"We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula 1 World Championship. The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come," said FIA President Jean Todt.

As part of the new agreement, Formula One Group will pay a larger amount to the FIA each season, and there is a new governing system among the teams with the formation of a strategy group and F1 Commission with fewer members. 

The FIA and Formula One Group are now seeking for the teams to sign the new agreement as well. Regardless of whether the teams sign on, because the FIA and Formula One Group have agreed, it will stand.

“I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded," said Formula One Group CEO Bernie Ecclestone

The content of the full agreement was not released.