F1 set to seal new deal

Formula One moved closer to a new seven-year commercial agreement, seen as key to any future flotation, on Saturday after rights holders and the governing FIA said they had signed a preliminary document setting out the final steps.

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

"This agreement will come into force upon approval by the respective governing bodies with the signatory parties in the coming weeks."

The 'Concorde Agreement'  sets out the commercial side of the sport.

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