When the second Concorde Agreement was agreed in 1987, Ecclestone ceased being a team owner and established the Formula One Promotions and Administration (FOPA) to manage TV rights for the teams. FOPA would later become known as "Formula One Management" (FOM). FOPA received 49% of TV revenues: 1% went to the teams, and 50% to the FIA. FOPA also received all the fees paid by promoters and paid prize money to the teams. The third Concorde Agreement was signed in 1992.