Sept. 27 (Bloomberg) -- Formula One’s not-for-profit ruling body Federation Internationale de l’Automobile reached an accord with the owners of the auto-racing series through 2020 over its compensation and role in governance.
The agreement with CVC Capital Partners Ltd. and other shareholders gives the FIA “significantly improved financial means,” the organization said in a statement today, without giving more details. The FIA said it will now seek a multi-party accord that also includes the teams.
The Paris-based ruling body oversees the technical specifications of racing cars and handles medical support and media accreditation in Formula One. It had reached an outline agreement on how it should be compensated by the series as long ago as December 2012.
The FIA leased the commercial rights to Formula One for a century to a group led by Bernie Ecclestone for $314 million in 2000, according to then-president Max Mosley. The FIA’s current president is former Ferrari team manager Jean Todt.
--Editor: Christopher Elser, Bob Bensch.