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.”