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New F1 Concorde deal announced
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World motorsport’s governing body, the FIA, and its commercial arm run by Bernie Ecclestone, the Formula One Group, yesterday signed a new agreement for the next seven years.
The so-called Concorde Agreement, which runs from 2013-20, is a contract first introduced in 1981 to oversee how Formula One is managed and its revenues distributed. The Concorde Agreement, the last one of which lapsed at the end of 2012, now needs to be ratified by the 11 race teams to become operational.
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