Formula One Management, Ferrari and the FIA simultaneously issued the following at 14:10 on Wednesday 19 January.

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 prolong the Concorde Agreement for the period 2008 to 2012.

The FIA, Formula One Management and Ferrari issued the following statements:

Max Mosley, FIA President: "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, FOM President: "Formula One Management are delighted that this agreement is in place and that the future of Formula One has now been stabilised."

Luca di Montezemolo, President and CEO of Ferrari: "It is important and also pleasing that the FIA, which is the governing body and FOM, which represents those who have organised Formula One in these past years and Ferrari, which is the only team to have taken part in the World Championship, without a break, since its inception, have put out a strong message of stability for the future of Formula One. This agreement is in line with what Ferrari had hoped for, for a long time."