All 10 FI teams have unanimously agreed to the Concorde Agreement, a five-year commercial
deal from 2021, Formula One confirmed on Wednesday, adding that the deal will
ensure the motorsport’s “sustainable” future.

It is also designed
to usher in a new era of more competitive and unpredictable racing, something
fans have been longing for with Mercedes and their drivers dominating the championship
tables in recent years.

“The
FIA (F1’s governing body) and Formula 1 can today confirm that all 10 teams
have agreed to the new Concorde Agreement. The agreement will secure the
long-term sustainable future for Formula 1,” a statement confirmed.

“All
our fans want to see closer racing, wheel to wheel action and every team having
a chance to get on the podium,” said F1 boss Chase Carey, according to AFP.

“The
new Concorde agreement, in conjunction with the regulations for 2022, will put
in place the foundations to make this a reality and create an environment that
is both financially fairer and closes the gaps between teams on the race
track.”

The agreement is named after the Place de la Concorde in Paris, where the first deal between the teams, the sport and its ruling body was signed in 1981.

Mclaren was
the first team to publicly back the deal with a post on their Twitter handle
saying, “This is the right deal at the right time for the sport, its owners,
its teams and, most of all, the fans.”

Meanwhile, British
outfit Williams Racing are hoping the deal signals a revival of their fortunes.

“The
Agreement is a major milestone in the development of Formula One, and also
represents a significant opportunity for Williams to continue on our journey
back towards the front of the grid,” said Claire Williams, the team’s deputy
principal.

Ferrari,
the only team to have participated in every season since its inception in 1950,
the grid’s rare show of support indicates “stability and growth” for the sport.

FIA chief Jean
Todt said he was proud of how the sport’s stakeholders worked together during a
time of “unprecedented global challenges” from the coronavirus pandemic.

The
agreement was a dubious proposition after Mercedes had earlier declined to
sign. However, they changed their minds and were on-board after the Spanish Grand Prix in Barcelona.  

Team chief Toto Wolff said they took a more pragmatic and
singular approach as they thought it would be impossible for teams to unite.

“Everybody
tries to achieve some little deals outside. There’s a blame culture in the
media so we’ve decided to move forward with Liberty,” Wolff said.

The F1 statement
said that the eventual agreement and the sport’s return under stringent COVID-19
regulations was testament to their spirit.

“Closer
racing will attract more fans to the sport, benefiting every team, and
continuing to increase the global growth of Formula 1,” the statement noted.

Carey said that
the deal will “ensure F1 is even more spectacular and attractive for the
hundreds of millions of fans from around the world who love this sport.”