All ten Formula One teams have signed a new Concorde Agreement, which will define the governance and commercial aspects of the sport from 2021 to 2025.
Ferrari, McLaren and Williams announced they had signed the deal on Tuesday before all ten teams F1 teams were confirmed on Wednesday.
A press release issued by Formula One said the new agreement "will reduce the financial and on track disparities between the teams, helping to level the playing field, creating closer racing on the track that our fans want to see more of."
The deal is made up of two parts, one that determines the governance of the sport and another that dictates the commercial aspects of each team's participation, such as the amount of prize money they are entitled to.