All 10 teams have signed up to the new Concorde Agreement which will govern Formula 1 from 2021 to 2025. World champions Mercedes had reached an impasse with F1 over the new proposals, but they have now been resolved. Carey added that the new agreement would “create an environment that is both financially fairer and closes the gaps between teams on the race track”. Jean Todt, president of motorsport’s governing body the FIA, said the announcement marked “an exciting new chapter” for the sport. “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all 10 of the current teams assures a stable future for the FIA Formula 1 World Championship,” he added.

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