Wheels24

Merc yet to sign new F1 deal

2012-04-19 08:14

FRANKFURT, Germany - Formula 1 chief Bernie Ecclestone said he has met with Daimler's CEO Dieter Zetsche to discuss the new Concorde Agreement, which the Mercedes team still has not agreed to sign.

The Concorde Agreement is a confidential arrangement between F1 management, teams and other stakeholders that outlines the commercial terms for participation.

Most of the F1 teams have signed onto the new deal that will govern the series until 2020 but Mercedes has been holding out for more money. The current agreement will expire at the end of 2012.

HISTORIC WIN

Ecclestone told Auto Motor und Sport he could recognise little racing history that would justify a bigger bonus for Mercedes. "I talked to him (Zetsche) last week about my position on the subject of Mercedes. The team has to know what they want to do. They've had the contract proposal for a month, ready to be signed."

Mercedes won its first race under its name in 57 years when Nico Rosberg raced to victory at the 2012 Chinese Grand Prix.

Ecclestone said Mercedes was "very important" for F1 but noted that the German automaker was only in its third season of racing under its own name. "And they have not won the World championship yet. I don't see much history in this team."

Having once started as Tyrrell, the team changed owners and its name four times. Ecclestone said the new Concorde would deliver more money for the team because the series was earning more.

The commercial aspects of the deal are settled and a new set of rules will be concluded before the end of 2012.

Ecclestone said name changes would now be prohibited but teams would be able to buy a previous season's car from a competitor. The series will continue to have about 20 races a year, although some of the classic grands prix could be worth more points.

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