Williams Racing has confirmed that it has signed the new Concorde Agreement with Formula One ahead of the 2021 season.

The Agreement is vitally important in securing a strong basis for the future success of the sport. The new sporting, technical and financial regulations will be crucial in creating a more even platform for all teams, ensuring the long-term viability and sustainability of Formula One.

Formula One, the FIA and all 10 teams have been in negotiation for several months to get to this stage, and Williams Racing has now officially agreed to the new terms laid out by the Commercial Rights Holder, Liberty Media, for five years from 2021 onwards.

"The new Concorde Agreement represents a major step forward, for both Formula One and Williams," said Claire Williams, Deputy Team Principal of Williams Racing. "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."