“There will be no split. We have agreed to a reduction of costs,” added Mosley.
“There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years.”
As it was a brief statement, we all await an official press release from either FOTA or the FIA outlining the details of the negotiations but the BBC said that it is also understood that part of the deal included Max’s recent decision to stand for re-election this october when his term as FIA President is up. Max said yesterday that he saw no other choice than to run for re-election this October because of the war between the FIA and FOTA. BUt the BBC says that Max has agreed, as part of the deal, not to stand for re-election this year. It is no secret that the FOTA teams were not happy with Max’s governance and it will be interesting to see the following details:
Will the FIA still contain regulatory control or will the F1 Commission be re-established as part fo the new Concorde Agreement?
What will the revenue split look like? Have the teams be successful in getting Bernie Ecclestone to part ways with more cash distribution from F1 revenues?
IT is also being reported that Max, Bernie and Luca were all burning the midnight oil by holding overnight meetings regarding the matter and that this is where most of the agreement came from. Stay tuned for more information and comment as it happens. We will be looking for official word from all three parties and specifically the FOM on how the revenue issues are going to be handled. Unfortunately I feel the breakaway series would have been better for the fans as the tracks would have been able to make better deals that allowed for less expensive santioning fees and a more affordable weekend for families struck by the global economy downfall.