FIA agrees deal with car manufacturers 15 Nov 2006
Formula One racings governing body, the FIA, and the major car manufacturers involved in the sport have reached agreement over the future running of the series.
A new document, setting out Formula One racings governance for the next five years, is expected to be signed in the near future. The news was revealed by FIA President Max Mosley and BMWs Burkhard Goschel to European media in Munich on Tuesday.
Formula One racings commercial rights holder Bernie Ecclestone struck an agreement with the Grand Prix Manufacturers Association (comprising BMW, Renault, DaimlerChrysler, Honda, and Toyota), with Goschel as their representative at the time, last May concerning the financial side of the sport.
The new accord with the FIA now resolves the outstanding technical details concerning control of the sports regulations and its future path in relation to the use of new technologies. It follows the FIAs pronouncement in August that it was in full agreement with the GPMA and will come into official effect when the existing Concorde Agreement that governs the sport expires at the end of 2007.
Mosley and Goschel told British newspaper The Financial Times that the agreement was "a major breakthrough - unquestionably a fundamental change in the way we go about managing the rules.
That change is expected to see decisions on Formula One rules made with the manufacturers at main board level, rather than involving individual team bosses. However, Mosley stressed the FIA would continue to protect the independent teams - something both he and Ecclestone have always sought to do.
The new agreement is likely to include specific objectives on cutting costs in the sport, making it even more relevant to the everyday motorist, as well as addressing environmental concerns. It follows moves already made in this direction by the FIA, who have imposed a freeze on the development of engine technology in Formula One racing from 2007.