Bernie Ecclestone, chief executive of the Formula One group of companies, said that most of the motor racing series’ teams had struck a deal to continue racing after the existing Concorde Agreement, which divides up the series’ marketing and broadcast revenues, expires at the end of the 2012 season.
“I am very pleased to announce that we have reached commercial agreements with the majority of the current Formula One teams, including Ferrari, McLaren and Red Bull Racing, about the terms on which they will continue competing in Formula One after the current Concorde Agreement expires at the end of this year,” Ecclestone said.
Earlier this month, the Formula Money industry report said that race-hosting fees would surpass broadcast rights fees for the first time this year, with an expanded calendar of 20 races generating $700 million in hosting fees – $100 million more than rights fees.