The FIA says that the agreement between the governing body and FOM that sets the framework for the new Concorde Agreement has come into force, and that it provides for a boost in funds for the governing body.
The news comes as the World Motor Sport Council gathering kicks off in Dubrovnik and the timing gives Jean Todt a handy PR boost as the election battle begins to ramp up.
However, the three-way deal with the teams is not yet complete, and thus the actual Concorde itself has yet to be fully signed off.
In addition to the financial angle the new deal also confirms the new governance structure, with voting power now in the hands of the FIA, the F1 Group, and six teams – Red Bull, McLaren, Mercedes, Ferrari, Williams and the next highest placed finisher in the championship.
A statement said: The agreement reached by the FIA and the Formula 1 Group in July 2013, setting out the framework for implementation of the Concorde Agreement for the period 2013 – 2020, has now come into force, following the approval of the respective governing bodies of the signatory parties.
This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in the Motor Sport. The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams. The agreement lays down solid foundations for the further development of the FIA Formula One World Championship. Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde agreement.
Jean Todt said: “We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship. The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come.”
Bernie Ecclestone added: “I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded.”
Meanwhile presidential candidate David Ward offered the following response: “The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA. This is a solid achievement by Jean Todt and I congratulate him for it. The question now is what will the new resources from Concorde be used for? The answer should be for investment in ‘grass roots’ development of motor sport.
“In my manifesto I have proposed to ‘use all the revenue in excess of regulatory costs of the F1 Championship for investment in motor sport safety, sustainability, solidarity funding of ASN development programmes, and for training of officials and volunteers. Jean Todt has yet to publish a manifesto or explain how he will use the new funds now available to the FIA. Sooner rather than later this should be made clear to the FIA membership.”