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Williams joins new Concorde Agreemeent signatories

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.

McLaren is first team to sign new Concorde Agreement!

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."

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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.