Last Updated: 18/08/20 2:48pm
McLaren have become the first team to confirm they have signed up to the new Concorde Agreement – committing them to Formula 1 until 2025.
The early deadline for teams to sign the new agreement is understood to have been May 18, with a firm deadline of the end of August.
With the current Concorde Agreement – the confidental tripartite deal between the teams, Formula 1 and the FIA that sets out the financial terms on which participants compete – expiring at the end of this year, F1 bosses have been working on a new vision for the sport with a more equitable share of revenue in order to make the grid more competitive and sustainable.
Announcing their signature to the new document, McLaren chief excutive Zak Brown said: “Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement. This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans.
“A more equitable sport is better for everyone: greater balance in the sharing of revenues among all the teams and clearer, simpler governance that cuts through vested interests and puts the sport first.
“This agreement will only make the F1 constructors collectively stronger in the long term.
“The new agreement complements and builds on the great work of F1, the FIA and all the teams during the past few months on the future financial, technical and sporting regulations.
“Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula 1 for future generations, which in turn secures a healthy sport for both participants and fans alike.”
More to follow…