Fifth Concorde Agreement (1998)
By taking a stand against the actions of Bernie Ecclestone, the FIA and the wider commercial aspects of Formula One, McLaren, Williams and Tyrrell lost both influence in the sport and income which they would have received as signatories. A compromise was reached and on August 27, 1998, the 1998 Concorde Agreement was signed which accommodated the three teams and which expired on December 31, 2007.
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Famous quotes containing the word agreement:
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