McLaren is first team to sign new Concorde Agreement!

©McLaren

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McLaren is the first F1 team to sign the sport's new Concorde Agreement, the Woking-based outfit formally committing to the future of Grand Prix racing.

The all-important covenant that includes the financial and commercial provisions that will bind teams to Formula 1 through 2025 has seen its fine print debated and changed in the past year.

But its final version has now been set in stone, and signed by the sport's second most successful team.

"Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement," said McLaren Racing boss Zak Brown.

"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.

Bullish Brown says McLaren now 'financially healthy'

"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."

In addition to McLaren, Ferrari also claimed to be ready to sign the Concorde deal while Mercedes was still at odds with a few of the contract's terms before the 70th Anniversary Grand Prix at Silverstone.

But in Barcelona, Mercedes boss Toto Wolff revealed that a conversation with F1 CEO Chase Carey had dispelled his final concerns, suggesting the German manufacturer was ready to commit to F1's future.

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Phillip van Osten

Motor racing was a backdrop from the outset in Phillip van Osten's life. Born in Southern California, Phillip grew up with the sights and sounds of fast cars thanks to his father, Dick van Osten, an editor and writer for Auto Speed and Sport and Motor Trend. Phillip's passion for racing grew even more when his family moved to Europe and he became acquainted with the extraordinary world of Grand Prix racing. He was an early contributor to the monthly French F1i Magazine, often providing a historic or business perspective on Formula 1's affairs. In 2012, he co-authored along with fellow journalist Pierre Van Vliet the English-language adaptation of a limited edition book devoted to the great Belgian driver Jacky Ickx. He also authored "The American Legacy in Formula 1", a book which recounts the trials and tribulations of American drivers in Grand Prix racing. Phillip is also a commentator for Belgian broadcaster Be.TV for the US Indycar series.