All of the Formula One Teams’ Association (FOTA) member teams – including Ferrari – have signed up to race in F1 next year, as long as a new Concorde Agreement is signed by everyone involved come June 12.
The Concorde Agreement was a contract between the teams, the FIA and the Formula One Administration, which dictated the terms by which they raced and how the money was split.
The previous contract ran out at the end of 2007, so they’ve been racing without one since.
The ruckus began over the FIA’s proposed budget cap, that would effectively have created a two-tier championship.
But Mosley agreed in Monaco that, in principle, he would delay a budget cap until 2011.
He is now thought to be considering a yearly incremental lowering of team budgets – something similar to what I speculated on the other week.
Interestingly, FOTA member teams have also stipulated that they will only race if they’re accepted by the FIA altogether ‘as a whole’, and that everyone races under the same technical regulations.
Combined with Prodrive’s application, it’s turning out to be a very good Friday for F1 fans.
Assuming you wanted them all to enter… ?