The International Automobile Federation (FIA) said it had been recognised provisionally for a two-year period by the International Olympic Committee (IOC) and had agreed to respect the Olympic charter.
It added that the IOC had asked the FIA to introduce as soon as possible an athlete’s Commission in order to make the recognition permanent.
“I am delighted the FIA is now part of the Olympic family as this is a confirmation of the strength of our sporting credentials as well as a recognition of the values of respect, excellence and friendship which we actively share with the Olympic movement,” said FIA president Jean Todt in a statement.
Formula One and the Olympics will come together, of sorts, in 2014 when the inaugural Russian Grand Prix is scheduled to take place in Sochi after the Winter Games there.
That Grand Prix has been put forward by local Olympic organisers as one of the additional legacies of the Games in the Black Sea resort, using some of the same facilities and providing a use for the Park.