Formula 1: All 10 teams give green light to five-year Concorde Agreement, says FIA
The Concorde agreement will cover the 2021 through 2025 seasons and follows years of intense negotiation on the sport's commercial side.
Formula One announced Wednesday that all 10 teams on the grid had agreed to a binding five-year commercial deal ensuring the sport's future from 2021.
"The FIA (F1's governing body) and Formula 1 can today confirm that all 10 teams have agreed to the new Concorde Agreement," a statement confirmed.
"The agreement will secure the long-term sustainable future for Formula 1," it said, and combined with new regulations being introduced in 2022 make the sport more exciting with tighter action on the track as the gap in teams' finances narrowed.
"All our fans want to see closer racing, wheel to wheel action and every team having a chance to get on the podium," said F1 boss Chase Carey.
The agreement – named after the Place de la Concorde in Paris where the first deal between the teams, the sport and its ruling body was completed in 1981 – is a commercial contract that binds the team to the sport for five years from 2021-26.
A deal emerged after a u-turn by Mercedes, who initially had been against signing it but announced they were on board at last weekend's Spanish Grand Prix in Barcelona.
Hamilton, the championship leader, set a new lap record three times in qualifying but because his team incurred a 10-place grid penalty by changing his engine ahead of the race he will start 11th.
The AlphaTauri driver was .24 seconds quicker than Red Bull driver Sergio Perez and .6 clear of Perez's teammate Max Verstappen on the 5.3-kilometer (3.3-mile) Istanbul Park circuit.
Verstappen is a major threat to Hamilton's bid for an eighth world title to surpass Michael Schumacher and stand alone among F1 greats. He leads Hamilton 7-5 for wins this season and 7-3 for pole positions.