McLaren has become the first team to confirm it has signed the new Concorde Agreement that will govern Formula 1 up to 2025, on the day of the early sign-on deadline.
F1 had initially set a deadline of August 12 to for early sign-on, but final small legal comments that were submitted resulted in that being pushed back by six days. A number of teams are expected to confirm their signatures today – ahead of a final deadline of the end of August – and McLaren announced its position on Tuesday morning.
McLaren Racing CEO Zak Brown said the new agreement will lead to a healthier and more competitive sport that will be more sustainable for all participants, even if some constructors have had to make concessions in negotiations.
“Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement,” Brown said. “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.”
Many other teams had already stated they were ready to sign the new Concorde a number of weeks ago, although Mercedes initially voiced concerns before Toto Wolff said in Spain that he, too, is in a position to sign.
Ferrari and Williams later announced they had both signed up, with Claire Williams saying it was clear progress towards a more sustainable future.
“The new Concorde Agreement represents a major step forward, for both Formula One and Williams,” Williams 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 characterized 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.
“The Agreement is a major milestone in the development of Formula 1, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”