New Concorde deal announced for Formula One

New Concorde deal announced for Formula One
Formula 1 boss Bernie Ecclestone (left) and FIA president Jean Todt sign an agreement setting out the framework for implementation of the 2013 Concorde Agreement.

PARIS - Formula One motor racing secured its future on Friday with the agreement of two men whose own individual futures are the subject of intense debate and speculation.

Both Frenchman Jean Todt and Briton Bernie Ecclestone may not be in office when the latest "Concorde Agreement", supported by them, ends in seven years' time - a situation that brings the sport's long-term future into clear focus.

Todt is the president of the sport's ruling body, the International Motoring Federation (FIA), and Ecclestone is the chief of the commercial rights holding organisation and heads Formula One Management (FOM).

Between them, they have great influence over the shape, operation and future of Formula One - but question marks hang over them.

Todt faces a challenge for his post in the FIA presidential elections in December from Briton David Ward while Ecclestone, at 82, has long been expected to announce his retirement following more than 40 years in Formula One.

In essence, this all means that the latest binding agreement - for seven years - between the sport's ruling body and commercial operation could be their last - and that F1 has that period of time in which to create a new structure and a secure transfer of power.

News of the long-awaited confirmation of the new Concorde Agreement came in a statement on the FIA website.

It said, in typical fashion, that both the FIA and F1 commercial boss Ecclestone's FOM organisation had given their "approval" to the agreement.

It now remains for F1's 11 teams to add their signatures for the agreement, which sets out the commercial terms of F1, to be operational.

The sport is understood to turn over more than 1.3 billion dollars annually, but the details are shrouded in secrecy as they have been since the original agreement in 1981 - named after the Place de la Concorde in Paris - ended a long-running battle for control of television rights in the 1970s.

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