Formula 1 - F1 chiefs sign new Concorde Agreement

Formula 1 chiefs have finally signed the Concorde Agreement, following months of negotiations to finalise the document by which the sport is run.

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A statement issued by the FIA ahead of the World Motor Sport Council meeting said that motor racing's governing body and Formula One Management had committed to it.

The new Concorde, which runs from 2013 to 2020, includes a ramp-up of finances for the FIA plus a new rule-making process for F1 - which includes the formation of a strategy group and a slimmed down F1 Commission.

A statement issued on Friday said that the next step was for the FIA and FOM agreement to now be turned in to a tripartite agreement with the teams.

FIA president Jean Todt said: "We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula 1 World Championship.

"The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come."

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