Formula One: FIA and F1 Group agree new commercial framework till 2020
MOTOR RACING/CONCORDE LONDON, Sept 27 (Reuters) - Formula One's governing body has formally approved a framework for a new commercial 'Concorde Agreement' to take the sport through to 2020, it said on Friday.
"The agreement reached by the FIA and the Formula One Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013-2020, has now come into force," the International Automobile Federation (FIA) said in a statement.
"Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement," added the body, whose world motor sport council is meeting in Croatia.
The confidential Concorde Agreement, which expired at the end of last year, sets out the commercial side of the highly lucrative sport, including the distribution of revenues.