McLaren become first Formula One team to sign Concorde Agreement to govern sport in 2021

Teams have until the end of the month to sign the deal if they wish to continue racing beyond this year

McLaren have become the first team to confirm they have signed up to the new Concorde Agreement which will govern Formula One from 2021 to 2025.

Teams have until the end of the month to sign the deal if they wish to continue racing beyond this year, but Tuesday marked the end of the early signing period, during which teams received a financial bonus for committing.

Both deadlines had been pushed back by a week after teams including Mercedes had called for revisions to the deal – which aims to provide a more equitable split in prize money, reducing some of the disparities between teams.

McLaren had joined Ferrari and Williams in making clear their willingness to sign the agreement during the 70th Anniversary Grand Prix at Silverstone at the start of the month.

In a statement, McLaren chief executive Zak Brown said: “Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement.

“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.

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“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.”

PA