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New contract for FIA, F1 teams approved

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PARIS (AP) - A new agreement between motor sport's governing body, Formula One teams and F1's commercial rights holder about the terms of racing has been approved.

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F1 has been racing without the Concorde Agreement - which sets the framework upon which F1 teams participate in the championship and share in its commercial success - since the end of last year.

Following months of difficult discussions between the organizations, the FIA and the Formula One Group said during the Hungarian Grand Prix in July that they agreed on the basis of a new deal.

In a statement on Friday, the FIA said that framework ``has now come into force following the approval of the respective governing bodies of the signatory parties.''

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