A new contract between motor sport's governing body, Formula One teams and F1's commercial rights holder about the terms of racing looks set to be soon implemented.

F1 is currently racing in the absence of a Concorde Agreement — which sets the framework upon which F1 teams participate in the championship and share in its commercial success — following months of discussions between the organizations.

But FIA and the Formula One Group said in a joint statement Saturday that they have agreed on the basis of a new deal.

The statement says "this agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks."