The new F1 Concorde Agreement that will set the path of the sport between 2021-2025 has been formally ratified after it was confirmed all ten teams hav✅e signed🧜 up.

F1 had set an 18 August deadline to agree to the new terms which have been focused on a more 🉐sustainable approach to the sport, incl🐈uding a more even share of the prize money and a change to the governance structure.

While a number of teams had intimated that it was prepared to put pen to paper over the Spanish Grand Prix weekend, there remained some doubts over whether Mercedes would be prepared to do so having raised concerns over an agreement it felt penalised its multiple title-w🍰inning team the most.

However, it has now signed up along with the nine other teams to secure thei☂♒r places on the grid for 2021.

"The agreement will secu⛦re the long-term sustainable future for Formula 1 and combined with the new regulations, announced in October 2019 that come into force in 2022, will reduce the financial and on track disparities between the tꦬeams, helping to level the playing field, creating closer racing on the track that our fans want to see more of,” a statement from F1 read.

"With closer racing we will attract more fans to our sport, benefitting every teamꦺ, and continue to increase the global growth of Formula 1."

In a year that has seen the season turned on its head by the coronavirus, which in turn has forced a delay to the next cycle of technical regulations, F1 Chairman and CEO Chase Carey says he was delighted to get the full commitm𒅌ent from the 🎃teams to push through its plans.

“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.

"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 ten teams on the plans for the long term future of our sport.

"Al♑l our fans want to see closer racing, wheel to wheel action and every team having a 🅷chance to get on the podium.

"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 environmenꦦt that is both financially fairer and closes the gaps between teams on the race track.”

Jean Todt, President of the FIA, added: “The conclusion of the new Concorde Agreement between the FIA, Formula 1 and all ten of the curren🌱t teams assures a stable future for the FIA Formula One World Championship.

"Over its seventy year history, Formula 1 has developed at a remarkable rate, push༺ing the boundaries of safety, technology and competition to the absolute limits, and today confirms that an exciting new chapter in that history is about to begin.”