Ferrari and McLaren have committed their racing teams to Formula One until the end of 2025 after signing a new Concorde Agreement with the sport's owners, Liberty Media, and its governing body, the FIA.
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.
Known collectively within Formula One as the Concorde Agreement, it binds the teams to the sport. The latest version of the contract will run from 2021 to 2025.