Formula 1 and world motorsport’s governing body the FIA have both confirmed that all ten F1 teams have signed the new Concorde Agreement.
The move means all of the series’ teams will race under new rules governing the sport, which aim to reduce financial disparities between the teams.
Three of the sport’s big names, Ferrari, McLaren and Williams, all put pen to paper supporting the agreement, with the other seven teams following after.
“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,” said Chase Carey, Chairman and CEO, Formula 1.
“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 said: “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 70-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 motorsport.”