McLaren has confirmed that it has become a signatory to the new Concorde agreement that will govern Formula 1 through 2025, reaffirming the Woking team's long-term commitment to the sport.

It is understood that the team is the first to sign the new agreement.

McLaren has competed uninterrupted in the Formula One World Championship since 1966, when founder Bruce McLaren competed at the Monaco Grand Prix. Since then the team has entered 873 grands prix, won 182 races, eight Constructors' World Championships and 12 Drivers' World Championships.

"Formula 1 has taken another important stride on the road to a sustainable, strong future with the new agreement," said Zak Brown. "This is the right deal at the right time for the sport, its owners, its teams and, most of all, the fans.

"A more equitable sport is better for everyone: greater balance in the sharing of revenues among all the teams and clearer, simpler governance that cuts through vested interests and puts the sport first. This agreement will only make the F1 constructors collectively stronger in the long term.

"The new agreement complements and builds on the great work of F1, the FIA and all the teams during the past few months on the future financial, technical and sporting regulations. Everyone has had to give ground for the bigger outcome, which will be a more competitive, exciting and thriving Formula 1 for future generations, which in turn secures a healthy sport for both participants and fans alike."