All 10 Formula 1 teams have committed to the sport for at least five more years after all signed the new Concorde Agreement.
The first deadline to sign the agreement passed on Tuesday and the final deadline for the current teams to sign up was at the end of August, but Formula 1 has confirmed that all 10 teams have put pen to paper by the first checkpoint.
McLaren, Ferrari and Williams were the first to individually announce that they had signed the new deal, the other seven outfits have all followed suit.
“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,” Chase Carey, chairman and CEO of Formula 1, said.
“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.”
— Formula 1 (@F1) August 19, 2020
FIA president Jean Todt added: “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 seventy 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 motor sport.”