There hasn't been Formula 2 racing for a few years. That's about to change.

First, a quick, dense bit of background: The Formula 2 series dates to the 1940s, and after a few decades it was shelved in favor of the Formula 3000 series, which used 3-liter engines instead of the 2-liter lumps of the mid-'80s Formula 2. There was a short-term revival of Formula 2, then it was again ended five years ago; Formula 3000 was ended in 2005 and replaced by the GP2 series. GP2 has introduced such talents to Formula One as Lewis Hamilton, Nico Rosberg and Romain Grosjean.

So now, the FIA racing organization is transforming GP2 into Formula 2. The agreement was reached Thursday by the World Motor Sport Council, and the result is a streamlined line of advancement from karting to Formula One.

"With FIA Formula 2, we now have everything we need to craft a clear and logical path for single seater drivers from grassroots for Formula One," FIA's Stefano Domenicali said. "As they progress from karting, we have FIA Formula 4 at national level in countries all over the world, and from there the FIA Formula 3 European Championship is a fantastic proving ground before drivers take on the challenge of competing on the world stage."

"For us to now have FIA F2 in this process makes the whole thing complete," Domenicali said.

FIA's president, racing legend Jean Todt, echoed Domenicali: "Completing this process with Formula One Group and bringing FIA Formula 2 to life is a very important step. The championship will provide the final level for junior drivers who are looking to reach the ultimate goal of Formula One, and we have achieved a key target for the FIA in completing our single-seater pyramid."

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