F1 CEO Bernie Ecclestone, Motorsports Governing Body FIA Reach Deal Worth $274M

[vcs316]

F1 CEO Bernie Ecclestone "has handed over a bonanza payout to Formula One’s ruling body that could be worth as much as" £170M ($274M), according to Kevin Eason of the LONDON TIMES. Motorsports governing body FIA announced Friday that "it has finally approved the deal, known as the Concorde Agreement," with Ecclestone after months of delays.

Ecclestone "has promised a small fortune in payments" worth $200M over the eight years of the Concorde Agreement up until '20, "as well as a cash sweetener" worth more than £3M ($4.8M) simply to sign the deal. There is also the offer of a 1% share stake in the F1 business, if and when "it is floated on the Singapore Stock Exchange."

That alone could be worth $70M to the FIA at present estimates. It is a dream deal that F1 "has been sweating on and takes the sport closer to the finalising of the tripartite commercial contract." The "last piece of the jigsaw is expected to be in place by next week," because the Marussia team has "now been offered commercial terms in line with" the 10 others in the sport (LONDON TIMES, 9/28).

http://www.sportsbusinessdaily.com/Global/Issues/2013/09/30/Leagues-and-Governing-Bodies/Ecclestone-FIA.aspx?

[vcs316]

World motorsport's governing body, the FIA, and its commercial arm run by Bernie Ecclestone, the Formula One Group, on Friday 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.

"This agreement provides the FIA with significantly improved financial means to pursue its regulatory missions and to reflect the enhanced role undertaken by the FIA in Motor Sport," FIA said in a statement.

"The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams. The agreement lays down solid foundations for the further development of the FIA Formula One World Championship."

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.

FIA president Jean Todt said: "We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship.

"The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come."

Ecclestone, CEO of the Formula One Group, added: "I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded."

http://www.sportsfan.com.au/new-f1-deal-between-fia-and-ecclestone/tabid/91/newsid/112349/default.aspx?

[ManFromMilan]

What will happen if Bernie goes to the prison?

Will Bernie and the FIA's deals and agreements be looked at i closer detail, as the FIA has not been a very good rule enforcer in my books now for many a year.

[Katu]

What will happen if Bernie goes to the prison?

Will Bernie and the FIA's deals and agreements be looked at i closer detail, as the FIA has not been a very good rule enforcer in my books now for many a year.

his daughters will take over for sure :rotfl

[Nero Horse]

his daughters will take over for sure :rotfl

It's absolutely horrifying to even think about it, geez! I think I'm gonna have nightmares now. :roll

[brembo man]

his daughters will take over for sure :rotfl

Do you think the saying " Like father, like son. " also applies to daughters? Or maybe in there case they hate money?