Original: 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.
Simplified: On 14 May, 2006, the five GPMA-backed teams signed a Memorandum of Understanding (a letter agreeing to the terms) with the commercial rights holders (CVC\/Ecclestone). This formed the basis of the next Concorde Agreement.