2 Aug 2009

F1 looks secure

4:17 pm on 2 August 2009

The future of Formula One has been secured after motor racing's governing body, the FIA, and 12 teams signed a new Concorde Agreement.

The agreement, which runs until the end of 2012, brings to a close months of wrangling between the FIA and the Formula One Teams' Association (FOTA) over the governance of the sport.

BMW Sauber, who will pull out of Formula One at the end of the season, are the only current team to have not signed the agreement, which confirms the cost-cutting measures agreed between the FIA and the teams at the end of June.