In this July 19, 2020 photo, McLaren's British driver Lando Norris (left) and Ferrari's Monegasque driver Charles Leclerc steer their cars during the Formula One Hungarian Grand Prix race at the Hungaroring circuit in Mogyorod near Budapest, Hungary. (LEONHARD FOEGER / POOL / AFP)

Formula One’s 10 teams have committed to the sport until at least the end of 2025 by putting their signatures to a new commercial ‘Concorde Agreement’.

“This year has been unprecedented for the world and we are proud that Formula 1 has come together in recent months to return to racing in a safe way,” Formula One Chairman Chase Carey said in a statement on Wednesday.

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“We said earlier in the year that due to the fluid nature of the pandemic, the Concorde Agreement would take additional time to agree and we are pleased that by August we have been able achieve agreement from all ten teams on the plans for the long term future of our sport.

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“The new Concorde Agreement, in conjunction with the regulations for 2022, will put in place the foundations to make this a reality and create an environment that is both financially fairer and closes the gaps between teams on the race track.”