Formula 1 has confirmed all 10 existing teams have signed up to the new Concorde Agreement.
McLaren, Ferrari and Williams announced they had signed on the dotted line on Tuesday evening, but the sport has now confirmed that the remaining seven teams have also signed the agreement which will come into force from the beginning of the 2022 season, and run to the end of 2025.
The Concorde Agreement first came into force in 1981 and defines the commercial terms of the sport. Given the financial impact and implications of such a deal, negotiations have been ongoing for sometime, a situation which was paused for a period during lockdown.
Formula 1 CEO and chairman Chase Carey said: “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.”
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