they would have a race to watch. Also, perhaps most importantly, the agreement granted FOCA the right to televise Formula One races — this right was "leased" to Formula One Promotions and Administration, a company established and owned by Bernie Ecclestone. Another important element was the stability in rules, described as protecting the teams from "the whims of the governing body". It expired on 31 December 1987. Second Concorde Agreement (1987) The second Concorde Agreement governed the to seasons. Third Concorde Agreement (1992) The third Concorde Agreement covered the to seasons. Fourth Concorde Agreement (1997) In 1995, the FIA decided to transfer Formula One's commercial rights from FOCA to Formula One Administration for a 14-year period. In exchange, Ecclestone would provide an annual payment. McLaren, Williams and Tyrrell protested this by rejecting the proposed Concorde Agreement (negotiations for which started as early as 1993). Ken Tyrrell in particular was enraged by the fact that Ecclestone, as the president of FOCA, had negotiated the transfer of the rights from the current organization to his own company. Tyrrell also objected the addendum to the Agreement being secret, arguing that secrecy surrounding the agreement would have only benefitted Ecclestone (by weakening the bargaining power of other parties). The said three teams refused to sign the proposed Concorde Agreement, initially with the support of the remaining teams. However, on 5 September 1996 the new Concorde Agreement was signed by all teams except McLaren, Williams and Tyrrell. The agreement was supposed to be in effect from 1 January 1997 to 31 December 2002. In 2005, racing journalist Forrest Bond published the 120-page 1997 Concorde Agreement on RaceFax, hence making it the first (and to this date only) version of the agreement to ever be released to the public. Fifth Concorde Agreement (1998) By taking a stand against the actions of Ecclestone, the FIA and the wider commercial aspects of Formula One, McLaren, Williams and Tyrrell lost both influence in the sport and the income which they would have received as signatories. A compromise was reached and on 27 August 1998, a new Concorde Agreement was signed, which accommodated the three teams and which expired on 31 December 2007. Sixth Concorde Agreement (2009) On 7 December 2004, at a meeting attended by the bosses of all teams except Ferrari, Ecclestone offered a payout of £260,000,000 over three years in return for unanimous renewal of the fifth