Ferrari Agrees To Extend F1 Concorde Agreement Through 2012

Plans For Rival Series Take Major Hit With Ferrari’s F1 Deal

Ferrari has “abandoned plans” for a rival F1 series, signing a “surprise deal to extend the sport’s existing commercial agreement until 2012,” according to Alan Baldwin of REUTERS. Ferrari, Renault, BMW and Mercedes are founding members of Grand Prix World Championship, which has been planning to start its own series in ’08. Team Minardi Owner Paul Stoddart: “I don't think it's the end of the GPWC, but it is the end of them starting a separate championship, I can tell you that” (REUTERS, 1/19). In London, Kevin Garside writes the Ferrari deal “is likely to prompt the rest of the teams to fall quickly into line” (TELEGRAPH, 1/20). Also in London, Kevin Eason reports F1 Management Chair Bernie Ecclestone will meet with the remaining teams on Tuesday. Ecclestone “expects them to have signed a new Concorde Agreement before the start of the season,” adding, “We want to have this all over with before the teams set off for the first race” (LONDON TIMES, 1/20).

AN OFFER THEY COULDN’T REFUSE: In Manchester, Alan Henry reports it is believed that Ecclestone “offered Ferrari about $100[M] as a one-off payment” to extend the Concorde Agreement. A Ferrari spokesperson: “This is not just about money. This is about securing Ferrari’s future in [F1] without the team being a drain on the resources of the road car company. As far as GPWC is concerned, it has served its function by securing a better deal for the team as well as opening the door for the other teams to do similar deals with Ecclestone” (Manchester GUARDIAN, 1/20).