McLaren is the first to sign F1’s new ‘Concorde Agreement’

McLaren driver Carlos Sainz steers his car during a qualifying session at the Barcelona Catalunya racetrack. (AP pic)

LONDON: Former world champions McLaren on Tuesday became the first Formula One team to announce they had signed a new commercial ‘Concorde Agreement’ setting out the sport’s future until the end of 2025.

Tuesday was the first day teams could sign up with rights holders Liberty Media and governing FIA and several have indicated they are ready to do so.

The final deadline is the end of the month.

“This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans,” said McLaren Racing chief executive Zak Brown 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.

Brown, whose team first competed in the championship with late founder Bruce McLaren in 1966, said the new agreement would also make the constructors collectively stronger.

“Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula One for future generations, which in turn secures a healthy sport for both participants and fans alike,” he added.