“This agreement will only make F1 designers stronger than collectively in the long run. Claire Williams, Williams` deputy team leader, added: “Our expectation, inspired by Liberty Media, is that this next era will be characterized by tighter and more exciting races as a result of the new regulatory platform that includes a fairer revenue distribution and a first cost cap for our sport. This agreement is an important step in the development of Formula 1 and also represents an important opportunity for Williams to resume our journey back to the top of the pack. McLaren CEO Zak Brown said the new agreement would tick off both the financial and political areas. The sport has been governed since 1981 as part of successive agreements. The teams, the organisers of the FIA and F1 keep the contents of the agreements secret. On July 29, 2008, the ten participating teams created the Formula One Teams Association (FOTA) to negotiate the terms of the contract. After a dispute between FOTA and the FIA in the first half of 2009, Mosley and all the teams signed a new Concorde contract, although Sauber, who was the majority owner of BMW in transition, had announced shortly before his retirement from the sport at the end of the season, so was waiting for a control of the team to be returned to Peter Sauber before signing. The new agreement provides for the continuation of the terms of the 1998 agreement and will continue until 31 December 2012.
At the same MEETING of the FIA World Motor Sport Council, a resource limitation programme was also adopted, as well as a revised set of sports and technical rules for the 2010 season.  “With the new agreement, Formula 1 has taken another important step towards a sustainable and strong future. It`s the right deal at the right time for the sport, its owners, its teams and especially the fans. The three teams refused to sign the proposed concorde agreement, initially with the support of the remaining teams. On September 9, 1996, the new Concorde agreement was signed by all teams except McLaren, Williams and Tyrrell. The agreement was to apply from January 1, 1997 to 2002. At the Spanish Grand Prix, Toto Wolff and Steiner revealed that Mercedes and Haas were about to sign the contract. The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and show up at each race, guaranteeing their right to do so in order to assure the public of the newly acquired television of the sport that they would have a race to watch. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been “leased” to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone.