FIA: New F1 deal ready for next week
Formula 1's ruling body released a statement on Friday at the Hungarian Grand Prix saying that it expects a new Concorde Agreement to be signed by the end of next week.
The FIA said in a statement that all parties, including the 13 Formula 1 teams, had completed their negotiations for the new deal. Its completion is now only subject to the approval of the FIA's own World Motor Sport Council and the agreement of a deal to reduce costs.
"Following the completion of negotiations with FOA and all 13 Formula 1 teams by FIA President Max Mosley and FIA Deputy President for Sport Nick Craw, the members of the World Motor Sport Council have been sent a copy of the proposed new Concorde Agreement for their consideration," said the statement.
"Subject to the approval of the WMSC and on receipt of confirmation that a satisfactory cost-reduction agreement is in place, the new Concorde Agreement should be ready for signature at the end of next week."