The Concorde Agreement, which binds all parties to engagements regarding the regulatory and commercial aspects of Formula One – and which formed part of the great war which opposed the Formula One Teams Association and the FIA this year – saw its amendments accepted late on Friday
evening by FIA President Max Mosley.
The Briton's acceptance of the renewed Concorde Agreement brings the intense and bitter political battles of the last several months to closure.
"Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship," a statement issued today by the sport's governing body declared.
The document is a contract between the teams participating in the F1 championship, the series' commercial rights holder (CVC Capital, which manages the sport through the Bernie Ecclestone-led FOM), and the FIA. It serves to determine how revenues are allocated and also guides the rules by which the pinnacle of motorsport operates.
"The WMSC has also approved a slightly revised set of stable Sporting and Technical Regulations (to apply from the 2010 Championship onwards), which have been agreed by the FIA and the Teams and which will be published shortly on the FIA's website," the press release indicated.
"The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification.
"In addition, as agreed in Paris on 24 June 2009, the Teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s."
With all parties having reached consensus, the FIA believes that Formula One can now look forward "to a period of stability and prosperity."
All the teams involved have therefore signed the updated Concorde Agreement, with the exception of BMW which announced earlier this week that it will be completely withdrawing from F1 at the conclusion of the 2009 championship.
However, there remains the possibility that the German manufacturer could nonetheless sign the agreement in the coming days if BMW decides to sell the team rather than shut it down.
Last Wednesday, following BMW's shock announcement, the Formula One Teams Association stated that the alliance is "ready to assure all the necessary support" to help the BMW Sauber team continue its participation in F1 under a new guise.