McLaren sign the new Formula 1 Concorde Agreement

McLaren has become the first team to sign up to the new Formula 1 Concorde Agreement.

The Concorde Agreement dictates how F1 will be governed and importantly, how the prize money and revenue will be split between the teams.

As per the current deal which expires at the end of 2020, Williams, Mercedes and Red Bull receive bonus payments of varying amounts, whilst Ferrari receives a $75 million 'long-standing team' bonus to reflect its historical importance to the sport.

It is believed Ferrari will still receive a bonus payment although the figure is reported to be less than the sum currently awarded.

Upon signing the new deal, McLaren CEO Zak Brown said: "Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement. This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans.

“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. This agreement will only make the F1 constructors collectively stronger in the long term.

“The new agreement complements and builds on the great work of F1, the FIA and all the teams during the past few months on the future financial, technical and sporting regulations.

"Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula 1 for future generations, which in turn secures a healthy sport for both participants and fans alike.”

Across the Spanish Grand Prix weekend, Toto Wolff and Guenther Steiner revealed Mercedes and Haas were close to being ready to sign the agreement.

The 'early-bird' deadline for signing closes at the end of Tuesday but the final deadline remains August 31.

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