In 1995, the FIA decided to transfer the commercial rights from Formula 1 to the Formula 1 administration for 14 years. In exchange, Ecclestone would make an annual payment. McLaren, Williams and Tyrrell protested by rejecting the proposed Concorde Agreement (negotiations for which it began in 1993). Ken Tyrrell, in particular, was outraged that Ecclestone, as president of OFZL, negotiated the transfer of the organization`s rights to his own company. Tyrrell also objected to the agreement`s endorsement being kept secret and argued that the secrecy of the agreement would only benefit Ecclestone (by weakening the bargaining power of the other parties). Teams that once received additional payments will still receive them, but this proportion will be reduced and will go to the other teams – not that one of the parties will discuss the exact allocation; Some were not at all willing to talk about the agreement. Liberty Media expressed its desire for a more uniform distribution of funds from the moment they took over the sport, and they delivered on that front with the first Concorde they negotiated. Carey added that the new agreement would „create an environment that is both more financially fair and fills the gaps between the teams on the circuit.“ On July 29, 2008, the ten participating teams created the Formula One Teams Association (FOTA) to negotiate the terms of the contract. After a dispute between FOTA and the FIA in the first half of 2009, Mosley and all the teams signed a new Concorde contract, although Sauber, who was the majority owner of BMW in transition, had announced shortly before his retirement from the sport at the end of the season, so was waiting for a control of the team to be returned to Peter Sauber before signing. The new agreement provides for the continuation of the terms of the 1998 agreement and will continue until 31 December 2012. At the same meeting of the FIA World Motor Sport Council, a resource limitation programme was also agreed, as well as a series of revised sports and technical rules for the 2010 season. [11] The terms of the contract remain largely confidential, although the known provisions required the signatory teams to show up and run at each race, guaranteeing their right to do so in order to assure the newly acquired sports television audience that they would have a race. In addition, perhaps most importantly, the agreement grants ECA the right to televise Formula 1 races – this right has been „leased“ to Formula 1 Promotions and Administration, a company founded and owned by Bernie Ecclestone.

Another important element was the stability of the rules, which is described as protecting teams from „the whims of the governing body“. [2] The agreement is named after the Place de Paris where the discussions took place. The three teams refused to sign the proposed concorde agreement, initially with the support of the remaining teams. On September 9, 1996, the new Concorde agreement was signed by all teams except McLaren, Williams and Tyrrell. The agreement was to apply from January 1, 1997 to 2002. On January 19, 2005, Ferrari announced that it had signed an extension of the previous contract, which expires on December 31, 2012. [4] On July 18, 2005, Red Bull also signed an extension[5] and Jordan/Midland two days later. [6] On December 7, 2005, Williams was the fourth team to sign a contract extension. [7] The agreements have the effect of enhancing professionalism and increasing the commercial success of Formula 1.