new concorde - Ferrari Owners' Club

Amid claims that Ferrari was given a $100 million sweetener to sign up to F1 and all but kill off the GPWC, Ferrari have made the announcement that:

"Further to discussions regarding the long term development of the FIA Formula One World Championship, the FIA, Formula One Management and Ferrari have agreed to enter into a new version of the Concorde Agreement for the period 2008 to 2012 inclusive.

Luca di Montezemolo said 'It is important and also pleasing that the FIA, which is the governing body and the FOM, which represents those who have organised Formula 1 these past years and Ferrari, which is the only team to have taken part in the World Championship, without a break, since its inception (in 1950) have together put out a strong message of stability for the future of Formula 1. This agreement is in line with what Ferrari had hoped for, for a long time.'

Max Mosley, FIA President said, 'We are very pleased to have reached this agreement with Formula One’s commercial rights holder and the oldest team in the Championship. The agreement is significant because it will ensure the future development of the FIA’s most important Championship.'

Bernie Ecclestone, Formula One Management (1) President said, 'Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised.'

The move has effectively sabotaged the GPWC, a rival bid to run F1 after 2007 by car manufacturers DaimlerChrysler, BMW, Renault, (before this) Fiat and (originally) Ford. Full marks to Bernie but, then, no-one really expected him to lose.....

Quiz

1) Who's the only team anyone needs for a viable F1?

2) What does the only team that anyone needs want more of?

3) What's Bernie got lots of?

4) What happened to Ford's involvement in F1?

5) Who do you reckon would run F1 better, Bernie or a lot of suits?

Bonus point : When will Toyota jack it in?

References

1) Formula One motor racing is controlled by a number of companies within the Formula One Group. The principal companies are Formula One Administration Limited and Formula One Management Limited. Another company called Formula One Holdings Limited ("FOH") is the parent or great-grandparent of both.

FOH is in turn owned by SLEC Holdings Limited ("SLEC"). SLEC is owned 75 per cent by Speed Investments Limited ("Speed"), and 25 per cent by Bambino Holdings Limited ("Bambino"). Speed is in turn owned in varying proportions by three banks. Bambino is an Ecclestone family trust.