McLaren confirms it has signed F1 Concorde Agreement

McLaren Racing has become the first team to confirm it has signed the new Concorde Agreement as the initial deadline for teams to pen the deal arrives.

McLaren’s agreement comes as no surprise given its vocal support in recent weeks to drive down costs and create a more level playing field, while Williams and Ferrari have also aired their intention to sign on.

It remains to be seen how many teams will meet today’s deadline, which carries a financial incentive, or wait until the final deadline at the end of the month.

The agreement, which sets the path F1 will take from 2021 until 2025 with regards to regulations, has long been a contentious issue in the sport with every cycle. Recently Mercedes said it wasn’t yet ready to confirm its commitment until more talks had taken place.

McLaren Racing CEO Zak Brown however says he is pleased with the terms and expects it to forge a more sustainable future for the sport and teams alike.

“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.

“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.”