AGENCIES, London: Formula 1 has announced that all 10 teams have agreed to the new Concorde Agreement, which sets out the terms under which teams will compete in F1 until 2025.
Ferrari, Williams and McLaren announced they had signed up on Tuesday afternoon, with F1 confirming the remaining seven teams had also agreed the new terms on Wednesday morning.
A statement from Formula 1 said: “The agreement will secure the long-term sustainable future for Formula 1 and combined with the new regulations, announced in October 2019 that come into force in 2022, will reduce the financial and on track disparities between the teams, helping to level the playing field, creating closer racing on the track that our fans want to see more of.
“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way.
“We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.
“All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium.
“The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”
Jean Todt, President of the FIA, added: “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the current teams assures a stable future for the FIA Formula One World Championship.
“Over its seventy year history, Formula 1 has developed at a remarkable rate, pushing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.
“During the unprecedented global challenges currently facing everyone around the world, I am proud of the way that all of Formula 1’s stakeholders have worked together over the past months for the best interests of the sport and the fans to agree the pathway for more sustainable, fair and exciting competition at the pinnacle of motor sport.”