The long and twisting process of reaching a new Concorde Agreement governing the fundamental commercial arrangements underpinning F1 has taken another step forward with the announcement on Saturday that the FIA and Formula One Group have reached a formal agreement about how to proceed.

The FIA confirmed that a Memorandum of Understanding had been signed on Friday between the sporting body and the commercial rights holder, although it stopped short of saying that an actual new Concorde Agreement had been finalised at this stage.

"The Formula 1 Group and the FIA have signed an agreement setting out the framework for implementation of the 2013 Concorde Agreement," the statement read.

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"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."

Bernie Ecclestone had said in May that financial terms had been agreed and that he was just waiting on the lawyers to finalise the legal language of the document before he was able to submit to all parties for signing.

With this MoU it appears that the new Concorde Agreement has finally been effectively settled, and will take effect once it receives final signatures from the teams, Ecclestone and the FIA.