Three of F1’s longest-standing teams have announced they will continue to participate in the sport beyond this season, having signed up to the new Concorde Agreement.
Ferrari, McLaren and Williams confirmed on Tuesday they have signed the deal, which runs until 2025.
McLaren were first to publicly announce they had “reaffirmed the team’s long-term commitment to the sport.” The team entered the championship in 1968 and has the second-longest history of continuous participation in F1 after Ferrari.
McLaren Racing CEO Zak Brown said the sport has “taken another important stride on the road to a sustainable, strong future with the new agreement.”
The new agreement promises a fairer distribution of Formula 1’s prize money, which has been a source of contention under the current agreement duo to the substantial bonuses paid to some teams.
“This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans,” Brown continued.
“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.”
Ferrari, the only team to have participated in every season of the world championship since it began in 1950, subsequently announced it has also signed the new agreement.
Ferrari CEO Louid Camilleri said the deal “is an important step to ensure the stability and growth of the sport.”
“We are very confident that the collaboration with the FIA and Liberty Media can make Formula 1 even more attractive and spectacular, while preserving its status as the ultimate technological challenge,” he said.
“Racing is in Ferrari’s DNA and it is no coincidence that the Scuderia is the only team that has participated in every edition of the FIA Formula 1 world championship, becoming an integral and essential part of its success, today as in the past and, above all, in the future.”
The new agreement was also praised by Williams deputy team principal Claire Williams, who called it “a major milestone in the development of Formula One” and a “significant opportunity” for her team to “continue on our journey back towards the front of the grid.”
“The new Concorde Agreement represents a major step forward, for both Formula 1 and Williams,” she said. “As one of the sport’s longest running teams, we are pleased to see the future direction of Formula 1 confirmed for the next era of racing.
“Our expectation, aligned with Liberty Media, is that this next era will be characterised by closer and more exciting racing as a result of the new platform of regulations, which include more equitable revenue distribution and a first ever cost cap for our sport.”
Updated at 18:10 BST on 18th August 2020
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2020 F1 season