(Reuters) - McLaren are committed to Formula One and ready to sign imminently a new 'Concorde Agreement' for the sport's future, team chief executive Zak Brown said on Friday. The current commercial agreement, setting out the terms under which teams race and the share of revenues, expires at the end of 2020 and the new one will run to 2026. It is named after the 1981 original that was negotiated at the Paris headquarters of the International Automobile Federation (FIA) in the Place de la Concorde. "The new Concorde Agreement complements the financial, technical and sporting regulations and secures a strong basis for the sustainability, growth and success of Formula One and all its stakeholders," said Brown.

Source: International New York Times July 17, 2020 10:41 UTC