VIENNA, Austria -- Red Bull Racing joined Ferrari on Monday
in agreeing to extend Formula One's commercial deal through 2012.
The commitment from the teams boosts Formula One chief Bernie
Ecclestone's chances of retaining control of the sport he's run for
25 years, despite a breakaway series that would start in 2008.
After last season, Ecclestone persuaded Ferrari to break away
from the other nine teams and sign a long-term deal to stay with
Red Bull Racing said it "reached an understanding" with the
Formula One Administration to keep the current Concorde Agreement --
which covers F1 teams, Ecclestone and FIA and deals with how the
sport's revenues are divided -- from 2008 until 2012.
Ferrari signed the Concorde Agreement extension with the world
governing body on Jan. 19. Red Bull will use Ferrari engines next
The manufacturers behind the proposed breakaway series --
Renault, BMW, DaimlerChrysler, Toyota and Honda -- are believed to
be considering their options.
Formula One teams have complained that Ecclestone shares little
of the sport's commercial rights income, which was estimated at
$800 million in 2003. Teams receive about 23 percent.
Having operated Formula One for 25 years, Ecclestone has amassed
a fortune estimated at $3.7 billion.