The document is named after the Place de la Concorde in Paris, where the first such agreement was finalised in 1981 after a period of conflict between the FIA and the teams, then led by Bernie Ecclestone, external.

The new deal has taken most of this year to finalise, after the teams reached their own commercial agreements with F1 in March.

FIA president Mohammed Ben Sulayem, who was appointed to a new four-year term on Friday following an election in which he was unopposed, has been consistent in the past four years in trying to secure more money for the FIA from F1.

The FIA depends to a large part on F1 for its income and paid in the region of $40m (£30m) annually in the last Concorde Agreement.

F1 president and chief executive officer Stefano Domenicali said: “This agreement ensures F1 is in the best possible position to continue to grow around the world.”

Ben Sulayem added: “This agreement allows us to continue modernising our regulatory, technological, and operational capabilities, including supporting our race directors, officials, and the thousands of volunteers whose expertise underpin every race.

“We are ensuring F1 remains at the forefront of technological innovation, setting new standards in global sport.”

The Concorde Agreement spans the planned length of the new regulation set which is being introduced into F1 in 2026.

This will feature new regulations for both cars and engines, and includes the introduction of fully sustainable fuels.

The new cars will be slightly smaller and lighter, while the engines will have a near 50-50 split between internal combustion and electrical power.