Following months of negotiations, the FIA has confirmed that terms have finally been agreed on a new version of the Concorde Agreement.

A statement issued by the governing body revealed that Formula One Management had put pen to paper on the deal alongside the governing body.

The new agreement, which will run from 2013 through to 2020, will include increased finances for the FIA and 'lays down solid foundations for the further development of the FIA Formula One World Championship'.

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The FIA and FOM will now work together with the teams 'towards the conclusion of a multi-party Concorde agreement'.

"We can be proud of this agreement, which establishes a more effective framework for the governance of the FIA Formula One World Championship," 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."

Commercial rights holder Bernie Ecclestone meanwhile said he was 'very pleased that the agreement between the FIA and the Formula 1 Group has been concluded'.