FIA, F1 close to Concorde agreement

FIA president Jean Todt is confident that motor sport's governing body will sign Formula One's Concorde Agreement next month.

The new commercial agreement would bind together the FIA, the 12 F1 teams and commercial rights holder CVC Capital Partners.

Following a meeting of the World Motor Sport Council, the FIA said in a statement on Friday that "the FIA President confirmed that positive and constructive discussions continue with regard to the new Concorde Agreement and it is anticipated a contract will be signed by the end of October."