LONDON (AP) — Ferrari and McLaren on Tuesday became the first teams to confirm they have signed the new Concorde Agreement on the future of Formula One racing.
The agreement will cover the 2021 through 2025 seasons and follows years of intense negotiation on the sport’s commercial side.
“We are pleased to have signed up again … It is an important step to ensure the stability and growth of the sport,” Ferrari CEO Louis Camilleri said in a statement.
“We are very confident that the collaboration with the FIA and Liberty Media can make Formula One even more attractive and spectacular.”
Ferrari is the only team to have taken part in every season of the F1 World Championship from 1950.
“This is the pinnacle of motorsport and it is natural that the most successful team ever in this series in which it has always been a protagonist, should continue to be so for many years to come,” added FIA president Jean Todt in the Ferrari statement.
The sport has been governed under the terms of successive Concorde Agreements since 1981. The teams, the FIA and F1 organizers keep the agreements’ contents secret.
“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,” McLaren CEO Zak Brown said in a statement.
“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.”
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