Formula One's 10 teams have committed to the sport until at least the end of 2025.

All 10 have their signed up to a new commercial Concorde Agreement, which sets out the terms of their participation.
 

"This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way," Formula One Chairman Chase Carey said following the agreement.
 

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.
 

"We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all 10 teams on the plans for the long term future of our sport,” Carey said.
 

"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." 
 

Formula One’s three oldest and historically most successful teams — Ferrari, McLaren and Williams — were the first to sign the Concorde Agreement. The remaining seven teams including Mercedes, Renault and Alfa Romeo also agreed the new terms. The new terms include a more equitable distribution of prize money and a revised governance structure.