McLaren and Ferrari are ready to commit their long-term futures to Formula 1 and sign up to the sport’s new Concorde Agreement.

The current commercial agreement expires at the end of 2020 and no team has so far agreed to the new terms after talks between F1 owner Liberty Media, the FIA and teams were put on the back burner following the delays caused by the coronavirus pandemic.

Speaking ahead of this weekend’s Hungarian Grand Prix, McLaren Racing CEO Zak Brown said his team is ready to agree to the new package of rules, governance and commercial arrangements that will run from 2021 until 2026 “imminently”.

"The new Concorde Agreement complements the financial, technical and sporting regulations and secures a strong basis for the sustainability, growth and success of Formula 1 and all its stakeholders," Brown said.

"Liberty Media, F1 and the FIA, together with the teams, have worked diligently to protect the sport through the Covid-19 crisis, our return to racing and into the long term.

"McLaren Racing is fully committed to Formula 1 and we are ready to sign this new agreement imminently.”

Ferrari team principal Mattia Binotto confirmed during a press conference ahead of this weekend’s Hungarian Grand Prix that his side is “ready to sign” up to the new agreement.

"As far as Ferrari [is concerned] we are ready to sign," Binotto said. “We would like to sign I think even quite soon.

"I think that's important for the future and for clarity. At least I think we can all know where we are. I think it is important also for the small teams somehow, because it's part of the entire package.

"Looking ahead with clarity is important. So some are ready to sign. I think we are somehow happy, because we know that F1 has understood the importance of the role of Ferrari in F1. That for us was key and so we are satisfied from that.”

But Binotto suggested that some of Ferrari’s rivals are “not fully happy yet” with the terms being offered.

Racing Point team principal Otmar Szafnauer hinted at potential issues that some teams are keen to address.

"I think a lot of work has been has gone into it and I don't think we're that far off to having something that we can all sign," he explained.

"But there's still a few talking points, which I think will happen in the short term.”