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article imageMotorsports: The future of F1 takes a positive turn

By John Duarte     Mar 24, 2012 in Sports
Kuala Lumpur - The future of Formula 1 racing beyond 2012 is looking good, according to Bernie Ecclestone. The statement was heralded as “great news” by one team owner.
A brief announcement on the F1 website quotes Ecclestone as saying an agreement has been reached by “the majority” of teams to extend the Concorde Agreement, which binds teams to F1 and its governing body, the Federation Internacionale de l’Automobile (FIA), beyond 2012.
"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," says Ecclestone in the release.
McLaren team principal Martin Whitmarsh says, in the Telegraph, that the racing series still has relevance and teams must work together to ensure F1 continues to grow.
“We’re a sport, we’re an entertainment, there’s many challenges in front of us and I think there’s been some great examples of co-operation between the teams,” Whitmarsh says. “There are other challenges that we’ve struggled with but I think we should continue to try and work together.”
Red Bull boss Christian Horner reacted quickly, calling the announcement “great news” for Formula 1.
“Hopefully, it secures the long-term future of the sport with the teams involved,” He is quoted at SpeedTV.com saying. “It’s important I think for there to be a Concorde Agreement because it protects the teams through that agreement, as well. Hopefully, it will all be formalized pretty shortly.”
While the news seems optimistic, there are those who question the use of the word “majority” as Ecclestone only named three of the 12 teams currently racing in Formula 1. Among the notable teams not mentioned are Mercedes and Williams.
The Concorde Agreement dates back to 1981 when the FIA, the F1 administration, a group headed by Ecclestone, and the teams racing in the series, represented by FOTA (Formula One Teams’ Association). The agreement adressed racing regulations and how TV revenues are alloted and prize money distributed. The sixth installment of the Concorde Agreement was negotiated in 2008 and expires Dec. 31, 2012.
The Formula 1 racing world is currently Kuala Lumpur for this weekend’s Malaysian Grand Prix, at Sepang International Circuit.
More about Formula 1, Auto racing, Bernie ecclestone, Ferrari, Red Bull
 
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