The Formula One Group and its governing body, the FIA, signed the new framework for the 2013 Concorde Agreement. This brings the parties closer to finalizing the seven-year commercial agreement which details how the revenues are distributed in the popular and very lucrative sport. The previous agreement expired last year and negotiations for the new one encountered numerous roadblocks. The rights holder, the governing body, and all the teams need to agree for the Concorde to take effect.

Formula One supremo Bernie Ecclestone is relieved at the breakthrough. "There have obviously been lots of things we've had to sort out. This forms most of the Concorde Agreement for the teams as well, so we can get the whole lot put to bed now," he said. The 82-year old billionaire runs Formula One for CVC, the private equity form with a 35.5% stake in the business. Other investors include BlackRock and Waddel & Reed. The Norges Bank Investment Management of Norway also has a stake in Formula One.