WILLIAMS have welcomed the unanimous backing of a new deal which is aimed at a fairer split in prize money across Formula One’s teams.

The latest Concorde Agreement has received unanimous backing and will govern the sport from 2021 to 2025.

Grove’s Williams team were among the first to give their backing.

It is hoped a more even playing field will help them become more competitive.

They collected just one point last season and are yet to finish in the top ten this year.

Claire Williams, Williams Racing’s deputy team principal, said: “The new Concorde Agreement represents a major step forward, for both Formula One and Williams.

“As one of the sport’s longest running teams, we are pleased to see the future direction of Formula One confirmed for the next era of racing.”

She added: “The Agreement is a major milestone in the development of Formula One, and also represents a significant opportunity for Williams to continue on our journey back towards the front of the grid.”

FIA president Jean Todt said the announcement assured a stable future for the championship.