Williams Concorde Agreement

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“With the new agreement, Formula 1 has taken another important step towards a sustainable and strong future,” said Zak Brown, CEO of McLaren Racing. “It`s the right deal at the right time for the sport, its owners, its teams and especially for the fans. On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. [7] “A fairer sport is better for all: more balance in revenue sharing between all teams and clearer and simpler governance, which cuts special interests and puts sport first. This agreement will only make F1 designers stronger collectively in the long term. On the agreement was postponed the deadline of August 12 due to legislative changes and today was the last date to sign the agreement with financial bonuses and the last date, without signing the financial bonuses, is at the end of this month. Meanwhile, Ferrari also announced on Tuesday afternoon that it had signed the new contract. The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and show up at each race, guaranteeing their right to do so in order to assure the public of the newly acquired television of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been “leased” to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone. Another important element was the stability of the rules, which is described as protecting teams from “the whims of the governing body”.

[2] In 1995, the FIA decided to transfer the commercial rights from Formula 1 to the Formula 1 administration for 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested by rejecting the proposed Concorde Agreement (negotiations for which it began in 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of OFZL, negotiated the transfer of the organization`s rights to his own company.

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