Williams Racing has confirmed that it has signed F1's new Concorde Agreement, the Grove-based outfit joining Ferrari and McLaren as the sport's three most successful teams commit to the sport's future.
The official covenant that will bind its signatories to F1's commercial, financial and governance terms until the end of 2025 has been in the works for over a year and was the subject of long negotiations between commercial rights holder Liberty Media, the FIA and the teams.
Claire Williams, Deputy Team Principal of Williams Racing said:
"The new Concorde Agreement represents a major step forward, for both Formula One and Williams.
"As one of the sport’s longest running teams, we are pleased to see the future direction of Formula One confirmed for the next era of racing.
"Our expectation, aligned with Liberty Media, is that this next era will be characterised by closer and more exciting racing as a result of the new platform of regulations, which include more equitable revenue distribution and a first ever cost cap for our sport.
"The Agreement is a major milestone in the development of Formula One, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid."
Gallery: The beautiful wives and girlfriends of F1 drivers
Keep up to date with all the F1 news via Facebook and Twitter
