Ecclestone: We don't need Concorde Agreement

By on Saturday, January 26, 2013

Bernie Ecclestone has said that Formula One can exist without the need for a Concorde Agreement.

The Concorde Agreement is a contract between the FIA, the Formula One Group and F1 teams regarding the running of the sport.

The previous Concorde Agreement expired at the end of 2012 and has yet to be renewed.

"We don't need the Concorde Agreement signed," he told ESPNF1. "It doesn't matter to me whether we have got the Concorde Agreement or not."

Ecclestone added that financial terms have been agreed with all of the eleven teams to compete in the sport until 2020 and that it is the technical side of the Concorde Agreement that is currently causing the issues.

"The Concorde Agreement is really made up of two sections. We have already dealt with the financial section with the teams. It is all done so it is a case of the regulations which change all the time. It's a case really of how you change the regulations".

"What affects the teams more than anything is the technical regulations. It is the technical regulations which could put them out of business," he added.

Concerns have been raised about the expense of F1's new regulations from the start of 2014 as 1.6 litre V6 engines will replace the current V8 engines. Although the price is set to reduce over several years, the initial high cost is a concern to several smaller teams.

Mercedes motorsport director Toto Wolff believes that the sport must find a solution.

"All the teams have bilateral agreements which give comfort in terms of the commercial side of things but a global Concorde would bring stability to the sport," he said.

"It is up to Bernie and the FIA to sort it out. Bernie is the rights holder so it is up to him and the FIA to find a solution. We are pretty much on the co-pilot's seat."

If you liked this post then share it with your friends on social media websites. You can also follow us on Facebook and Twitter to stay up to date with the latest F1 news.