Mosley signs new Concorde agreement

FIA president Max Mosley has signed a new Concorde Agreement, the document that governs Formula One racing, aiming to restore stability to the sport.

According to a statement issued Saturday, the new deal runs until Dec. 31, 2012.

The FIA said that Mosley signed the agreement late Friday after approval by the 26 members of the World Motor Sport Council.

It said it hoped the new agreement would herald a renewed period of stability for the F1 World Championship, which appeared to be in disarray a few weeks ago when many of the top teams threatened to pull out of the 2010 event.