The Fédération Internationale de l’Automobile (FIA), motor racing’s global governing body, has said a new Concorde Agreement, which dictates the revenue split for the Formula One championship’s broadcast and marketing income, should be reached within weeks.
The FIA, Formula One teams and Bernie Ecclestone, the controller of the sport’s centrally-sold commercial rights, met in Paris this week for the latest stage of talks over a new agreement to start in 2013. The agreement decides how the series’ revenue is divided between the federation, the teams and the owner of the commercial rights, the Ecclestone-led Formula One Management.
“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,” the FIA said. “A further important step has been achieved… 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.”
The FIA had originally targeted a new agreement before the end of October, but this now appears unlikely.