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.

"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. 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."

2020 an unprecedented year

The 2020 season of Formula One season has seen unprecedented scenes, with the Australian Grand Prix cancelled and with other races like China and Vietnam under doubt due to the novel coronavirus. The teams did not race until June when they started racing in the Austrian Grand Prix.

However, when it comes to racing, nothing has changed as six-time world champion Lewis Hamilton is bidding to win the title for the seventh time and tie for the all-time record with German legend Michael Schumacher. Having won the last race, Hamilton is also closing in on the record for the most wins in F1, which is also held by Schumacher who won 91 races. Hamilton currently sits on 88.

Lewis Hamilton is also the championship leader currently with Red Bull’s Max Verstappen trying to stay in touch with him. The Ferraris of Charles LeClerc and Sebastian Vettel have struggled, with Vettel certain to leave Ferrari at the end of the season. However, this new agreement has at least given the sport of F1 a new lease at least for the next five years and this is the only positive news that has emerged from a season that has been dreadful.