19 January: Further to discussions regarding the long term development of the FIA Formula One World Championship, the FIA, Formula One Management and Ferrari have agreed to prolong the Concorde Agreement for the period 2008 to 2012.

The FIA, Formula One Management and Ferrari issued the following statements:

Max Mosley, FIA President said,

ï¿½We are very pleased to have reached this agreement with Formula Oneï¿½s commercial rights holder and the oldest team in the Championship. The agreement is significant because it will ensure the future development of the FIAï¿½s most important Championship.ï¿½

Bernie Ecclestone, FOM President said,

ï¿½Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised.ï¿½

Luca di Montezemolo, President and CEO of Ferrari said,

ï¿½It is important and also pleasing that the FIA, which is the governing body and FOM, which represents those who have organised Formula One in these past years and Ferrari, which is the only team to have taken part in the World Championship, without a break, since its inception, have put out a strong message of stability for the future of Formula One. This agreement is in line with what Ferrari had hoped for, for a long time.ï¿½

related stories

2008 Formula One Regulations (21/12/2005)
2008 Formula One Regulations Update (09/12/2005)
Williams extend new Concorde Agreement (07/122005)
The CDG Wing (24/10/2005)
Five manufacturers moving forward with plans for new series (27/09/2005)
FIA aims to significantly reduce costs in Formula 1 from 2008 (13/09/2005)
FIA's response to Michelin (11/09/2005)
Michelin could pull out of F1 if the FIA doesn't change it's single tyre supplier policy from 2008 (11/09/2005)
Michelin observations regarding the FIA proposals leading to a single tyre supplier in F1 from 2008 (03/09/2005)
Nine teams and five manufacturers finalise joint proposals for future of Formula One (25/07/2005)
Jordan signs up to new Concorde Agreement (20/072005)
Red Bull Racing agree with FOA to extend the current Concorde Agreement (18/07/2005)
Proposed changes to the rules for 2008 approved by the WMSC (04/07/2005)
Proposed changes to the rules for the 2008 FIA Formula One World Championship (16/06/2005)
Schedule for the 2008 Formula One Regulations (15/04/2005)
Nine Teams & Five Manufacturers Progress Grand Prix Racing's Future (07/04/2005)
The current situation in Formula One. Q & A with FIA President Max Mosley (03/03/2005)
The five manufacturers reach an understanding with the nine Formula 1 teams (16/02/2005)
Meeting of Formula One Team Principals and the FIA to discuss 2008 regulations (02/02/2005)
The Manufacturers announce their vision for Grand Prix Racing beyond 2007 (26/01/2005)
The FIA, Formula One Management and Ferrari extend the Concorde Agreement until 2012 (19/01/2005)