Concorde Agreement, which would guarantee the continuation of Formula One in its present form at least until the expiration of that contract. On 19 January 2005, Ferrari announced that it had signed an extension to the previous agreement to expire on 31 December 2012. On 18 July 2005, Red Bull also signed an extension, as Jordan and Midland did two days later. On 7 December 2005, Williams became the fourth team to sign the extension. On 27 March 2006, the five Grand Prix Manufacturers Association-backed teams - BMW Sauber, Renault, Honda, McLaren and Toyota - submitted their applications for the 2008 season, agreeing to stay in the sport until 2012. On 14 May 2006, the five GPMA-backed teams signed a memorandum of understanding with the commercial rightsholders (CVC/Ecclestone) which formed the basis of the next Concorde Agreement. As such, a full Concorde Agreement was not in place for the season, with the Memorandum, extensions and agreements with the other individual teams acting as a stop-gap solution. On 29 July 2008, the ten currently competing teams created the Formula One Teams Association (FOTA) to negotiate the terms of contract. After a dispute between FOTA and the FIA in the first half of 2009, a new Concorde Agreement was signed by Mosley and all of the teams, although Sauber, in transition as majority owner of BMW, had announced, shortly beforehand, its intention of withdrawing from the sport at the end of the season, so waited until a controlling stake of the team was returned to Peter Sauber before signing. The new agreement provides for a continuation of the terms of the 1998 agreement, and runs until 31 December 2012. At the same meeting of the FIA World Motor Sport Council, a programme of resource restriction was also agreed upon, as were a revised set of sporting and technical regulations for the season. Seventh Concorde Agreement (2013) The 2013 Concorde Agreement took an extended period of negotiations. The sixth agreement ran until 31 December 2012, but no new agreement was in place for the start of the 2013 season. In October 2012 FIA communicated that they were expecting a final settlement between all parties involved within weeks. In reality it took until September 2013. Strictly speaking the 2013 Agreement does not really meet the qualifications for a 'Concorde' Agreement, as it is not a collective agreement among the parties involved. Rather, it is