Formula 1 CEO and chairman Chase Carey is pleased to have resolved the long-running engine saga involving McLaren and Honda, keeping the latter in the sport for the 2018 season.
In a series of announcements made on Friday in Singapore, McLaren and Honda confirmed they would be parting company by mutual consent at the end of the season after three tough years together.
Honda will switch its allegiance to Toro Rosso, whose current engine supplier Renault will move in the opposite direction and power McLaren in 2018.
The deal ensures that four major manufacturers remain involved in F1, as well as keeping all teams on the right timeframe to get their 2018 cars ready in time.
“We are pleased that the teams and constructors involved in these intensive and complex discussions have reached an agreement satisfactory to all concerned,” Carey said, having played a role in discussions with the interested parties in recent weeks.
“We had put ourselves at the disposal of the various parties to try and facilitate the best possible outcome for everyone.
“It is particularly important that Honda, one of the main manufacturers in the motor industry and a company that has played an important role in the history of motorsport, will still be in Formula 1 for years to come.
“We’re all looking forward to working together with all the teams and manufacturers to make our sport more exciting and spectacular for the fans all over the world.”
Carey took over from Bernie Ecclestone as F1’s ringmaster back in January following the completion of Liberty Media’s acquisition of the sport.