Formula One teams sign Concorde Governance Agreement

LONDON, Dec 12 : Formula One's 11 teams have signed a Concorde Governance Agreement to define the Liberty Media-owned sport's regulatory framework until 2030.

The teams had already signed a commercial agreement in March.

Formula One said the ninth Concorde Agreement, since the first in 1981, represented "a major step forward in the professionalisation and global development of the sport" and a new era of collaboration with the governing FIA.

"It confirms the participation of all FIA Formula One world championship teams, including the incoming Cadillac Formula One team, through the end of the decade and provides a stable foundation for the sporting and technical evolution of the sport," it said.

The new agreement will enable the FIA "to invest further in improved race regulation, race direction, stewarding and technical expertise for the benefit of the championship", it added.

The previous Concorde Agreement, which governs the financial side including the teams' share of revenues, was due to expire at the end of 2025.