The Formula One Teams Association (FOTA) today welcomed the successful conclusion of negotiations leading to the signing of the 2009 Concorde Agreement.

Signed by all Formula One teams, with the only exception of BMW-Sauber AG, the FIA, and Formula One Administration (FOA), Concorde 2009 lays down the commercial and regulatory guidelines for Formula 1 whilst guaranteeing the teams’ until the end of the 2012 season.

FOTA will support any initiative which would allow BMW-Sauber AG to reapply for full participation within the new Concorde Agreement.

All Formula One teams have together reached a voluntary agreement on their own, which will put into practice FOTA’s long-standing objective gradually to reduce overall spending, eventually to around the levels of the early 1990s.

The terms of Concorde 2009 will reinvigorate the role of the Formula 1 Commission, and various other Working Groups. The Formula 1 Commission will henceforth be a key decision-making body for change in Formula 1.

FOTA’s attention will now turn to other issues we believe to be in the long-term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1’s reach.