Four days after the FIA's similar announcement, the formula one teams association FOTA on Wednesday confirmed the signing of a new Concorde Agreement.

Four days after the FIA's similar announcement, the formula one teams association FOTA on Wednesday confirmed the signing of a new Concorde Agreement.

FOTA, although not officially representing Williams and Force India, said in a statement that every team except BMW has signed the document that binds them with the FIA and the commercial rights holder.

The commercial and regulatory agreement also guarantees "the teams' participation until the end of the 2012 season", read the statement.

It was also confirmed that "all formula one teams" have signed up for the voluntary cost regulation agreement, which replaces Max Mosley's controversial desire for cost caps because it will reduce spending to "early 1990s" levels by other means.

"FOTA's attention will now turn to other issues we believe to be in the long term interest of F1: racing at the best tracks, in front of the biggest audiences and expanding F1's reach," the statement concluded.

 

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