McLaren said Tuesday it has signed the new Concorde Agreement on the future of Formula One racing, becoming the first team to confirm it had done so.
The agreement will cover the 2021 through 2025 seasons and follows years of intense negotiation on the sport's commercial side.
"Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement. This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans," McLaren CEO Zak Brown said in a statement.
"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."
The sport has been governed under the terms of successive Concorde Agreements since 1981. The teams, the FIA and F1 organizers keep the agreements' contents secret.