Formula 1 has completed a new Concorde Agreement, which is a legal contract defining how the sport operates.
It establishes the rules and governance for the relationships between F1 (the commercial rights holder), the FIA (the governing body) and the 11 teams.
The current Concorde Agreement was ending this year and the new one will run from 2026 to 2030, as per BBC Sports.
It includes updated financial terms that will let the FIA invest more in race management, regulation, stewarding and technical support to improve the championship.
However, the specific terms of the agreement are not publicly disclosed.
F1 president and chief executive officer Stefano Domenicali said: "This agreement ensures F1 is in the best possible position to continue to grow around the world."
Meanwhile, FIA president Mohammed Ben Sulayem said in a statement, noting, "This agreement allows us to continue modernising our regulatory, technological, and operational capabilities, including supporting our race directors, officials, and the thousands of volunteers whose expertise underpin every race."
The Concorde Agreement runs for the same period as F1’s new regulations, which will start in 2026.
As per the outlet, these rules will apply to both cars and engines, introducing fully sustainable fuels.
