Every F1 team agrees to stay until 2025

Perhaps it isn’t the most glamorous piece of F1 news, not compared to the driver reshuffles we had back in June, with Vettel’s Ferrari exit, Fernando Alonso’s return to Renault, Ricciardo’s move to McLaren and Carlos Sainz Jr.’s move to Ferrari, but it is an important story as F1 will see some big changes over the coming years.

A completely new set of technical regulations will come into force for 2022 (they were due to be in place for 2021 but were pushed back because of the coronavirus pandemic and following global financial meltdown, to reduce the financial burden on the teams at a very challenging time), and from 2021 there will be new cost caps in place to prevent teams spending several times more money than others. There will also be new development rules that will give those at the lower end of the grid more resources, for example more time in the wind tunnel, than those at the top, and the championship’s earnings will be better distributed between the 10 teams. The goal? Closer racing, something the sport desperately needs when only three teams, namely Mercedes, Ferrari and Red Bull, have won races since 2014.

Chase Carey, F1's Chairman and CEO, said: “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.

“All 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 environment that is both financially fairer and closes the gaps between teams on the race track.”

Images courtesy of Motorsport Images.