F1: New Concorde Agreement reached

(L-R) Bernie Ecclestone the President and CEO of the Formula One Group and Jean Todt the President of the FIA sign a memorandum agreement setting out the framework for implementation of the 2013 Concorde Agreement prior to the qualifying session for the Hungarian Formula One Grand Prix at Hungaroring on July 27, 2013 in Budapest, Hungary. (Getty Images)

FIA President Jean Todt and Formula 1 CEO Bernie Ecclestone have finally found common ground and agreed upon a new Concorde Agreement.

After months of discussions, the FIA and Formula 1 group have issued a statement which says, “The Formula 1 Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement. This agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks. Further information on this agreement will be available after receipt of such approval.”

The actual agreement will be signed in the coming weeks and it remains to be seen what has changed from the previous agreement.

The Concorde Agreement is the controlling statement that governs how the sport is controlled and how the money is divided among the teams.

Currently Ecclestone has an agreement with 10 out of the 11 teams, excluding Marussia, to receive the prize money. Marussia need to money to continue so it will be interesting to see how this is resolved.