One of the favored reasons we are glued to the television, smartphone, or watching any streaming service is the sports competition. The quadrennially held Football World Cup is the most-watched sports competition, especially when it comes to the penultimate stages of the competition. The Olympic Games, as well as the most favored sports competition that attracts billion of viewers. The sports competition that can attract many viewers is football, badminton, tennis, running, etc. They are also sports competitions in car racing, and the most admired car racing competition indisputably is Formula 1, or prominently uttered as F1. The word Formula refers to a set of rules that need to adhere, and 1 refers to the highest class in car racing. Formula 1 is the highest class of car racing for a single-seater in the world, and like the World Cup and Olympic Games, it also captivates many audiences who have fervor and liking for car racing.
The infancy for the highest and fastest car racing can be traced back to the early 19th century. Nonetheless, in early 1980, things started to heat up, which led to the special agreement that led to most car constructors and drivers taking part in the Formula 1 competition. These agreements and obligatory involvement of the carmaker and the drivers had increased its commercial value and made it one of the remunerative car racing competition for everyone who associated with it. The 2 defunct organizations started the skirmish called FISA and FOCA, the acronym for Fédération Internationale du Sport Automobile and Formula One Constructor Association.
Both organizations had been involved in arguments regarding the payment disbursement, perceived biases by the FISA, the idea of malleable competition, boycotting, involvement of the Spanish monarchy King Juan Carlos, etc. The continuing altercation for many years had led to boycotting and to FOCA taking advantanges of a water brake loophole in the 1982 San Marino Grand Prix, which had aggravated the discontent between both organizations.
The disagreement between both of these organizations does profit anyone. It had annoyed some contstructor, especially when Goodyear, a well-reputed tire maker within the F1, had threatened to walk away from participating in the competition, which can lead to a calamitous effect on the competition. Since these skirmishes between FISA and FOCA adversely impact everyone, both of them had agreed to resolve these issues.
Both FISA and FOCA had agreed for a meeting in the Plaza De La Concorde, Paris, and after nearly 13 hours of non-stop negotiating, the Concorde Agreement had been established. The agreement was named after the Plaza De La Concorde, which led to the deal’s inception. Afromentionedly, this agreement is crucial as it stopped the discontent and argument between FISA and FOCA. It also had led to the escalation of the F1 car racing to become the most remunerative car racing competition. The agreement had made it compulsory for the car constructor , drivers, and tire makers to participate in the competition, which hindered the boycotting of what had happened before.
Since the signing of the first Concorde Agreement in 1981, eight more agreements had been signed, which recently was signed in 2021, which is called the 8th Concorde Agreement. The content had been clandestine and confidential for every part involved. However, a journalist named Forest Bond had somehow managed to get hold of the confidential 4th Concorde Agreement, which had been signed in 1997; however, this issue does not diminish the popularity of the car racing sports.
With the birth of the Concorde Agreement , the F1 sport car racing had shot up to become one of the most admired car racing sports. The popularity of the sports and their profit had also led to some governments officially supporting these. Our 4th Prime Minister, Dr. Tun Mahatir bin Mohammed, was instrumental in founding the Malaysian Grand Prix, which led to the launch of the motorsport race track called Sepang International Grand Prix. Their success also led our neighbor Singapore to launch their own street circuit called Marina Street Circuit.
Furthermore, many countries had been supportive of launching their own Grand Prix, which had led to the increase of the Grand Prix competition in the car racing annual calendar. The car constructor such as Ferrari, a driver like Michel Schumacher, and tire makers like Pirelli, Michelin together with Bridgestone also contributed to the popularity of the sports. The Concorde Agreement had seen the birth of the billion-dollar car racing sports competition.
The F1 was admired in the infancy years as many car manufacturers had been born from the F1 racing tracks. However, the discontent between a defuncted organization in the form of FISA and FOSA had led to the birth of the Concorde Agreement, which had transformed car racing into a billion-dollar car racing sports competition. The car constructors and tire makers will love to sell their success in the F1 as a selling point to the standard market.
Some of the car components like the engine oil, brake, tire, and many more had been successfully transferred their F1 expertise in the traditional markets as a selling point. These technologies for the common marker from the F1 success may not have happened if the Concorde Agreement was not signed and the war between FISA and FOCA was not resolved. The need the resolve the war, which had been detrimental for every party concerned, had led to the signing of the agreement, which had skyrocketed the F1 competition to a remunerative, admired, and enormously supported car racing. The F1 commercialization undoubtedly happened because of the skirmish between FISA and FOCA, which had culminated in the clandestine agreement being signed that, in the end, had enormously benefited all the parties associated with it.