Jordan signs Concorde Agreement

Updated: July 20, 2005, 12:07 PM ET
Associated Press

SILVERSTONE, England -- Jordan became the third Formula One team to sign an agreement extending Formula One's commercial deal through 2012.

Jordan's owner, Midland F1, said Wednesday it signed the Concorde Agreement, which deals with how revenues are divided among the teams, commercial chief Bernie Ecclestone and governing body FIA from 2008 until 2012.

"Bernie Ecclestone was instrumental in bringing Midland to Formula One and from the very beginning [Jordan owner] Alex Shnaider was supportive of his vision for the future of Formula One and the World Championship," Midland F1 managing director Colin Kolles said in a statement.

Red Bull Racing agreed to the deal Monday. Ferrari was the first team to sign on Jan. 19.

The other teams and manufacturers -- Renault, BMW, DaimlerChrysler, Toyota and Honda -- have been holding out as they consider launching their own breakaway series.


Copyright 2005 by The Associated Press

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