Formula One announced Wednesday that all 10 teams on the grid had finally agreed to a crucial five-year commercial deal from 2021 which guarantees the motorsport’s “sustainable” future and is designed to usher in a new era of closer and more unpredictable racing.

“The FIA (F1’s governing body) and Formula 1 can today confirm that all 10 teams have agreed to the new Concorde Agreement,” a statement confirmed.

“The agreement will secure the long-term sustainable future for Formula 1,” it noted, and will help usher in the top item in any F1 fans’ wishlist – better action on the track.