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:
“The doctrine of those who have denied that certainty could be attained at all, has some agreement with my way of proceeding at the first setting out; but they end in being infinitely separated and opposed. For the holders of that doctrine assert simply that nothing can be known; I also assert that not much can be known in nature by the way which is now in use. But then they go on to destroy the authority of the senses and understanding; whereas I proceed to devise helps for the same.”
—Francis Bacon (1560–1626)