After a prolonged period of uncertainty, the new Concorde Agreement looks set to come into force this year – FOM (the commercial rights holder) and the FIA (the sport’s governing body) have signed an agreement setting out the implementation for the 2013 Concorde Agreement.

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As a recap, the Concorde Agreement is the contract that governs the relationship between FOM, FIA and the teams. AKA – it sets out who gets what of the revenue pie (and it’s a mighty BIG PIE). Contrary to popular belief, it was not named after the famous supersonic aeroplane, but takes its name from the plaza in Paris where the first Concorde Agreement was negotiated (the Place de la Concorde).

When asked to explain the delay, Bernie Ecclestone responded: “Honestly? Lawyers.”