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 to 2020.

F1 has been racing in the absence of a Concorde Agreement — which sets the framework upon which 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" and that "the agreement lays down solid foundations for the further development of ... Formula One."

"We can be proud of this agreement," FIA President Jean Todt said. "The FIA looks forward to continuing to fulfill its historic role as the guarantor of both regulation and safety in F1 for many years to come."

Bernie Ecclestone's Formula One Group has agreements in place with 10 of the 11 teams about the new commercial terms, with Marussia the odd one out. Meanwhile, Todt has been pushing for FIA to receive a greater share of F1's profits.

"I am very pleased that the agreement ... has been concluded," Ecclestone said.

One of the noteworthy aspects of the agreement is a new tender procedure for appointing single suppliers for tires and fuel in F1.

In the new process, the FIA will conduct the tender process and the commercial rights holder is entitled to run negotiations with potential suppliers, with a view to the selected supplier being officially appointed by the World Motor Sport Council.

Following the WMSC meeting in Croatia, members also accepted Todt's proposal for a new task force looking at ways to allocate additional financial resources for the FIA and its members. This would only come into place after the December elections.

Todt and Ecclestone have also had to contend with other issues.

Todt is hoping to be elected for a second term as president in December when he goes up against challenger David Ward. Ecclestone has been charged by German prosecutors with bribery over a $44 million payment, placing his future in doubt.

The 82-year-old British billionaire has been under investigation since a German banker was convicted of receiving the payment from Ecclestone in connection with the sale of a stake in F1. A German court decision on whether to try him has been delayed until next year.