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F1 Concorde Agreement Weeks Away
October 23, 2012
The FIA had said last month that it hoped to finalize a new deal before the end of October, but that target now looks set to be missed.
F1 Concorde Agreement Weeks Away

Concorde Agreement discussions between Formula 1 teams, the FIA and F1 supremo Bernie Ecclestone look set to drag on for at least a few more weeks on the back of the latest meeting to try and reach a consensus.

The FIA had said last month that it hoped to finalize a new deal before the end of October, but that target now looks set to be missed.

However, following a get together between the teams, the FIA and Ecclestone in Paris on Monday, which had originally been scheduled for Tuesday, the governing body issued a statement saying that some progress on the matter had been made.

Having urged the teams to put forward issues on matters that concerned them—which are understood to include a hike in entry fees, cost control, and a new governance structure—the FIA stated it was upbeat about how the talks developed.

"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," said a statement issued by the FIA.

"A further important step has been achieved today 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 and Ecclestone have been locked in discussions for several weeks about agreeing a path forward for the sport—with the governing body adamant that it not only retains control of F1 but also that it secures extra revenue from the sport.

In an interview with the Financial Times on Monday, FIA president Jean Todt had said, "The FIA is a non-profit organization, but we need to run our organization.

"We need to encourage the development of the sport; we need to encourage development of action for road safety.

"We cannot be a federation without having any revenue. So where do we find our revenues?"