“The parties have agreed a strong and stable sporting governance framework which includes the Formula 1 Group, the FIA and the participating teams,” said the FIA in a statement on Friday. The framework for implementing the agreement was agreed on in July.
“The agreement lays down solid foundations for the further development of the FIA Formula One world championship,” it added.
However it noted there remains some progress to be made: “Now that the agreement is operative, the parties will move towards the conclusion of a multi-party Concorde Agreement.”
The previous Concorde Agreement expired at the end of last season.
“We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship,” said FIA president Jean Todt. “The FIA looks forward to continuing to fulfil its historic role as the guarantor of both regulation and safety in F1 for many years to come.”
F1 Group CEO Bernie Ecclestone added: “I am very pleased that the agreement between the FIA and the Formula 1 Group has been concluded.”
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