Red Bull commits to Concorde Agreement

Updated: 25 February 2007 09:53 IST

Red Bull Racing joined Ferrari on Monday in agreeing to extend Formula One's commercial deal through 2012.

Red Bull commits to Concorde Agreement

Vienna:

Red Bull Racing joined Ferrari on Monday in agreeing to extend Formula One's commercial deal through 2012. The two teams' commitment boosts F1 chief Bernie Ecclestone's chances of retaining control of the sport he's run for 25 years despite a breakaway series being proposed from 2008. Red Bull Racing said in a statement it had "reached an understanding" with the Formula One Administration to keep the current Concorde Agreement - which covers F1 teams, Ecclestone and FIA and deals with how the sport's revenues are divided - from 2008 until 2012. Ferrari signed the Concorde Agreement extension with the world governing body on January 19. The manufacturers behind the proposed breakaway series a€" Renault, BMW, DaimlerChrysler, Toyota and Honda a€" are believed to be considering their options. Red Bull will use Ferrari engines next season. (AP)

Topics : Formula 1 Michael Schumacher Giancarlo Fisichella Jenson Button Narain Karthikeyan Lewis Hamilton
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