((HT: TSN))
FIA president Max Mosley ((pictured, thanks CP)) has signed a new Concorde Agreement, the document that governs Formula One racing.
The FIA said Saturday the signing heralds "a renewed period of stability" for Formula One.
Motor sports' world governing body says that the document was signed late Friday and features a "slightly revised" set of technical regulations for the 2010 season. The FIA says all of the teams - with the exception of BMW-Sauber - have agreed to the changes, which will be published shortly.
BMW announced this week that it was withdrawing from Formula One at the end of the current season. They have reportedly been given until August 5 to sign on in the event that the manufacturer elects to sell the team to a potential buyer.
The Concorde Agreement is a contract between the FIA, F1's commercial rights holder and the participating teams sets out the basis on which all teams take part in the series and what their share is of the commercial wealth. The deal runs through 2012 and carries forward the procedures which were first set out in the 1998 deal. Decisions and changes will be decided upon by working groups and commissions with all teams having specific voting rights. Any changes must be formally approved by the World Motor Sport Council.
The deal also includes a "resource restriction agreement" which all the team's agreed to back on June 24, 2009. It calls for team budgets to fall back to the levels of the early 1990's.
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