» The Concorde Agreement secured?

Formula One Management has today announced that “the majority” of the twelve Formula 1 teams have agreed to new commercial terms as part of a revised Concorde Agreement, giving their commitment to the sport beyond the end of this season.

In a statement published on the official Formula 1 website today, F1 supremo Bernie Ecclestone confirmed that leading outfits Ferrari, McLaren and Red Bull Racing had all agreed to terms.

“I am very pleased to announce that we have reached commercial agreements with the majority of the current Formula 1 teams, including Ferrari, McLaren and Red Bull Racing, about the terms on which they will continue competing in Formula 1 after the current Concorde Agreement expires at the end of this year,” he is quoted as saying.

It is believed that Ecclestone offered some serious sweeteners to these teams, which are believed to include increased prizemoney shares, greater payments to these teams in recognition of their success in the sport, and the possibility of these teams being able to buy equity in the sport if it was ever publically floated.

It is also believed that Sauber and Toro Rosso have agreed to terms, but it is speculated that the Mercedes or Williams teams have not yet agreed to the new conditions.