Bernie Ecclestone will stay on as Formula One chief in a deal unveiled on Friday which lays out the future of the sport and promises more money to teams.
Ecclestone: Still in charge of F1
The agreement lifted the threat of a rival world championship starting up.
It also ended years of wrangling between banks and carmakers and promised the 10 teams greater revenue.
Ecclestone and his company, Formula One Administration, have increased the profile of the sport, which now commands an annual £280m income.
A joint statement said that five main points were agreed.
The carmakers - DaimlerChrysler, BMW, Ford, Fiat-owned Ferrari and Renault - will be represented by three directors on the board of the SLEC holding company that controls the commercial rights.
Three banks Bayerische Landesbank, JP Morgan and Lehman Brothers will continue to own a majority of SLEC shares.