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The WilliamsF1 team today
announced that they would sign up to an extension to the Concord Agreement.
Below is the press release from the team.
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WilliamsF1 today announced that
it has agreed to enter into an extended Concorde Agreement with Formula
One’s commercial rights holder (FOM) and the sport’s governing body (FIA),
confirming the team’s commitment to Formula One beyond 2008.
WilliamsF1 has agreed to become a signatory to the new Concorde Agreement
after confirming that the commercial rights holder, FOM, had agreed to an
improved distribution of commercial revenues among participating teams. In
addition, significant progress had been made in securing important
undertakings from the sport’s governing body, the FIA, which will underpin
the successful long term governance of Formula One.
The agreement commits one of the most successful names in the sport’s
history to Formula One after 2008, and is an important step towards
protecting against a divisive split that could undermine motor racing’s
premier series.
Williams now intends to work with Formula One’s established governing body
and commercial rights holder to ensure that any further concerns regarding
the future of the sport are addressed from within, in a cooperative and
consensual manner and in the long term interests of all the sport’s teams,
sponsors and fans.
Williams acknowledges the important role the manufacturers and teams have
played in recent months to precipitate a healthy debate about the future of
Formula One.
Reflecting on reaching agreement with FOM and the FIA, Williams’ Team
Principal Frank Williams said, “The manufacturers and teams have been a
catalyst for a number of far reaching changes to the economics and
administration of Formula One. We believe that the time has now come for
everybody to remove the damaging uncertainty hanging over our sport and to
commit to Formula One after 2008. I hope our decision will encourage the
remainder of the Formula One community to join us and resolve any final
details by working together. We all have a duty to avoid a damaging split in
our sport and I believe the undertakings we have from FOM and the FIA
provide a fair basis for bringing everyone together in the interests of the
sport.”
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