F1 big-hitters Ferrari and McLaren sign up to 2025

London - Ferrari chief executive Louis Camilleri said it was an important step to ensure the sport's stability and growth

Formula One's two longest-standing and most successful teams, Ferrari and McLaren, committed to the sport until at least the end of 2025 on Tuesday by putting their signatures to a new commercial 'Concorde Agreement'.
Tuesday was the first day the 10 teams could sign with rights holders Liberty Media and the governing FIA and McLaren were first to confirm they had done so, followed by their Italian rivals.
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 have competed in the championship since 1966 and have won eight constructors' and 12 drivers' titles, said the new agreement would make the teams 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.
Ferrari chief executive Louis Camilleri said it was an important step to ensure the sport's stability and growth.
Formula One's finances have been hard hit by the Covid-19 pandemic, with races so far being run without spectators while others such as the showcase Monaco Grand Prix have been cancelled.