Formula 1 has traditionally been operated in the penumbra of a document called the Concorde Agreement. This legally-binding document ties the teams, the commercial right’s owners (FOM) and the governing body (FIA) together in a dance of speed, technology and perhaps most importantly…money. The agreement expired in December of 2012 and to date, no extension has been signed.
What we do have is a memorandum of understanding between the FIA and FOM as to how the Concorde Agreement will be completed. F1 boss Bernie Ecclestone says that the teams and the commercial right’s holder have already signed a commercial agreement but the FIA’s ink is the only thing missing on the signature line.