The Formula One Group and motor sport's world governing body the FIA have finally reached a compromise over a new Concorde Agreement that will run for the next seven years.
The Concorde is the tripartite pact that governs the commercial arrangement between the FIA, the teams, and the sport's commercial rights holders, CVC Capital Partners.
The sport has been operating this season without an Agreement since the previous deal expired at the end of last season.
In the meantime, F1 supremo Bernie Ecclestone signed bi-lateral agreements with 10 of the teams - with the exception of Marussia - as he and FIA president Jean Todt thrashed out the terms of a new deal.
A carefully-worded statement issued by both parties today read: "The Formula One Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement.
"This agreement will come into force upon approval by the respective governing bodies of the signatory parties in the coming weeks.
"Further information on this agreement will be available after receipt of such approval."
Speaking to Press Association Sport in the Hungaroring paddock ahead of tomorrow's Hungarian Grand Prix, Ecclestone expressed his relief the matter had finally been resolved.
"I'm happy, it's good, we're with the FIA, and that's it," said Ecclestone.
"It's for seven years, and what it does is give a little more input from the teams we've been fighting for concerning regulations, so they can't complain.
"To get this deal done there have obviously been lots of things we've had to sort out.
"It's longer term, and this forms most of the Concorde Agreement for the teams as well, so now we can get the whole lot put to bed."
Asked as to why this deal in particular had taken so long, Ecclestone added: "Honestly, lawyers, but there have been no complaints from either side.
"When you write something and the other side reads it, they say 'well, maybe it would be better to word it like this'.
"Then you have problems between the French and English language. It's bad enough when it's in one language."
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