Before the 2021 season can begin, all the existing F1 teams have to approve and sign the Concorde Agreement. Now, McLaren blinked first and have signed this year’s edition of the agreement. In other words, the Woking outfit will commit itself to Formula 1 until at least 2025.

Initially, the FIA set a tentative deadline of August 18th for teams to sign the new agreement. However, they have allowed teams to have some time to think about it until at least the end of the month.

For the uninitiated, the agreement dictates the financial terms for all competing participants. It is worth noting that the F1 bosses have been aiming to achieve an equitable share of revenue to make the grid more competitive.

McLaren have given their seal of approval

Just recently, the McLaren team announced that they had officially signed the agreement. In light of this McLaren CEO 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, it’s teams and, most of all, the fans.”

According to him, there is a merit to having a sport where almost everyone is on equal footing. This is especially in terms of competition, sharing of revenues and simpler governance that puts the sport first.

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He truly believes that the new Concorde Agreement will unite all the F1 constructors in the long term and make them stronger. Brown also said that this agreement serves to build upon F1, the FIA and all the teams’ hard work.

He concluded, “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.”