The FIA and 12 teams have signed a new Concorde Agreement to safeguard the future of Formula One until 2012.
F1 fears ended as Mosley and teams sign new agreement
The FIA and 12 teams have signed a new Concorde Agreement to safeguard the future of Formula One until 2012.
The document, which specifies how F1 is run and how its revenues are distributed, had been at the heart of the recent disagreement between the FIA and the Formula One Teams' Association.
But Max Mosley and all but one of the current teams have now ended the concerns by signing the new agreement.
An FIA statement read: "Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship.
"The Concorde Agreement - a contract between the FIA, F1's Commercial Rights-Holder and the participating Teams - sets out the basis on which the Teams participate in the Championship and share in its commercial success.
"The WMSC has also approved a slightly revised set of stable Sporting and Technical Regulations (to apply from the 2010 Championship onwards), which have been agreed by the FIA and the Teams and which will be published shortly on the FIA's website.
"The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification.
"In addition, as agreed in Paris on 24 June 2009, the Teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s.
"With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula One World Championship."
BMW
BMW Sauber are the only team not to have signed the agreement after revealing this week that this would be their final season in F1.
However, it is believed that they will still be given until next Wednesday to sign the agreement should they wish to change their decision.
New grand prix teams USF1, Campos Meta and Manor GP are among the 12 to have signed.
