The FIA says it has signed a new Concorde Agreement with the Formula 1 Group

The FIA announced on Friday that it has finally put pen to paper on a new Concorde Agreement with the Formula 1 Group.

The announcement comes on the day the FIA's World Motor Sport Council meets in Dubrovnik, where besides dealing with matters such as the ratification of next year's calendar, it is also expected to discuss how it might spend its increased share of the sport's revenues. David Ward, who is standing against Todt in the FIA presidential election later this year, said in a statement that they should be invested in grass roots motorsport. "The final conclusion of the negotiations over the Concorde Agreement is a very positive development for the FIA. This is a solid achievement by Jean Todt and I congratulate him for it. The question now is what will the new resources from Concorde be used for? The answer should be for investment in 'grass roots' development of motor sport," the statement read. "In my manifesto I have proposed to 'use all the revenue in excess of regulatory costs of the F1 Championship for investment in motor sport safety, sustainability, solidarity funding of ASN development programmes, and for training of officials and volunteers'. "Jean Todt has yet to publish a manifesto or explain how he will use the new funds now available to the FIA. Sooner rather than later this should be made clear to the FIA membership."