Bernie Ecclestone has revealed he has promised a 1% stake in Formula One's parent company to the sport's governing body, the Fédération Internationale de l'Automobile, in return for it signing a new commercial agreement until the end of 2020.

The sport's 11 teams were already signed up to the end of 2020 so getting a commitment from the governing body paves the way for F1's long-awaited stock market flotation.

Ecclestone told the Guardian: "The FIA gets 1% if F1 floats but the teams don't have shares."

The largest F1 shareholder, private equity firm CVC, has put a $12bn valuation on F1 but the float has been stalled by the lack of agreement from the FIA and legal hurdles.

Last week Ecclestone took the stand in a high court case in which he has been accused of paying part of a $44m bribe to steer the sale of a 47.2% stake in F1 to CVC in 2006.

He continues giving evidence today in the trial which has been brought by German media rights firm Constantin Medien. It claims that Ecclestone and his Bambino family trust paid $44m to Gerhard Gribkowsky, the banker who was in charge of selling the F1 stake.

Constantin says the payment was to ensure that Gribkowsky sold to CVC because it had agreed to retain Ecclestone as F1's chief executive.

Constantin was in line for 10% of the proceeds if the stake was sold for more than $1.1bn but iCVC only paid $814m. Constantin claims that other buyers would have paid more.

Ecclestone denies the payment was a bribe. He said Gribkowsky threatened to tell Revenue & Customs that he controlled Bambino if the money was not paid. Bambino is based offshore but Ecclestone is a UK resident so would be liable for tax on the estimated $4bn in the trust if he was found to be in control of it – which he strongly denies.

Last week Ecclestone told the court: "I was informed clearly that it was extremely serious, because if somebody at that time had contacted the Revenue and said 'I've got some information that Mr Ecclestone controls the family trust' they would have assessed me for something in the region of two billion and I wouldn't have been able to pay it." He added: "Had I have thought it through properly, for sure I would have not paid him."

Legal wrangles are not the only reason that a float of F1 has not got the green light. It was due to take place on the Singapore stock exchange in June last year but CVC halted it because of the eurozone crisis. Instead, it cut its stake in F1 by about half through selling 28.4% of the parent company, Delta Topco, to money managers BlackRock, Waddell & Reed and Norges, the investment division of Norway's central bank.

CVC netted $2.1bn from the sales and got a further $865m from a dividend in 2012. Its now owns a 35.5% stake in Delta Topco and Ecclestone personally holds 5.3%. He agreed to give the FIA 1% of the shares issued on flotation.

Delta Topco owns the rights to F1 until 2110, having paid $313m for them in 2001. The FIA's annual fee for the rights comes to just $10m, yet they generate revenues of over $1.5bn for Delta Topco. The FIA's agreement with Ecclestone will increase its total take from F1 to $40m annually in addition to the 1% equity stake, estimated to be worth $120m. That would be a significant sum for the governing body which had just over €50m in revenue in 2011, according to the latest approved accounts. In that year it made a €2.5m loss, and is forecast to lose €2.1m for 2012 – a figures to be confirmed at its annual meeting in December.

This year it increased the entry fees paid by each F1 team from $326,000 to $500,000, plus $5,000 per point or $6,000 for the championship-winning team. Red Bull Racing, which won the F1 title, has to pay $3.3m, a tenfold increase on its fee for 2012. The cost of F1 drivers' licences has also accelerated from a base fee of $1,830 plus $230 per point in 2012 to $10,000 plus $1,000 per point.