 Further to discussions regarding the long term development of the FIA Formula One World Championship, the FIA, Formula One Management and Ferrari have agreed to enter into a new version of the Concorde Agreement for the period 2008 to 2012 inclusive. Luca di Montezemolo, Ferrari President and CEO said, "It is important and also pleasing that the FIA, which is the governing body and the FOM, which represents those who have organised Formula 1 these past years and Ferrari, which is the only team to have taken part in the World Championship, without a break, since its inception (in 1950) have together put out a strong message of stability for the future of Formula 1. This agreement is in line with what Ferrari had hoped for, for a long time." Max Mosley, FIA President said, "We are very pleased to have reached this agreement with Formula One’s commercial rights holder and the oldest team in the Championship. The agreement is significant because it will ensure the future development of the FIA’s most important Championship." Bernie Ecclestone, Formula One Management President said, "Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised".
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