McLaren has become the first Formula 1 team to publicly confirm that it has signed the new Concorde Agreement.
Formula 1’s commercial rights holder Liberty Media has been ratifying the terms of the new Concorde Agreement, which covers the 2021 to 2025 seasons, across recent months.
On Tuesday, and with the deadline looming, McLaren announced that it has put pen to paper on the new terms.
“Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement,” said McLaren CEO Zak Brown.
“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.”