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Old 11-15-2006, 11:27 AM   #1
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Default FIA, car manufacturers agree on F1 deal

FIA, car manufacturers agree on F1 deal


Formula One's governing body and leading car manufacturers, who at one time threatened a breakaway series, have struck a deal to end a long battle over how the billion-dollar sport should be run.

International Automobile Federation (FIA) president Max Mosley and BMW's Burkhard Goeschel said agreement had been reached on all outstanding issues.

They told correspondents from four major European daily newspapers from Germany, Britain, France and Italy at a lunch in Munich on Wednesday that a new document would be drawn up and signed in the near future to govern the sport for at least the next five years.

Formula One's commercial supremo Bernie Ecclestone signed an agreement with the five-strong GPMA group - Renault, DaimlerChrysler, BMW, Honda and Toyota - last May.

That deal, concerning the financial side of the sport, effectively killed off any lingering threat of a so-called 'rival series' that had been mooted as manufacturers pressed for a far greater share of the revenues.

However, technical details and issues of governance, control of the regulatory process, had still to be agreed with the FIA although the ruling body announced in August that they and the GPMA were in "full agreement' about the future of the championship.

The existing 'Concorde Agreement' that governs the sport expires at the end of 2007 but all teams have committed for a further five years.
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