New F1 Concorde Agreement Delayed Past October

A new Formula 1 Concorde Agreement has been postponed past the original October 31 deadline, but things are moving forward. 

The teams, FIA President Jean Todt and rights holder Bernie Ecclestone met in Paris on October 22 to discuss the agreement. The major discussions now involve rising fees, cost control for technology and a new governance structure for the sport. 

"All the participants in the meeting were encouraged to seek clarification which resulted in a fruitful and helpful debate on how the new structure would operate in 2013 and beyond.

"A further important step has been achieved today to secure the future of the F1 World Championship which should lead to a final settlement to be reached between the FIA, the Commercial Rights Holder and the Teams in the coming weeks," said the FIA in a press release. 

"The FIA is a non-profit organization, but we need to run our organization.

"We cannot be a federation without having any revenue. So where do we find our revenues," said Jean Todt. 

Source: Autosport