Bernie Ecclestone has announced that a new Concorde Agreement, the document which binds the teams to the sport, has been reached in Malaysia.
Whilst the details remain a secret, a statement from the 81-year-old confirmed that agreements had been met with most of the teams, with Ecclestone specifically naming Ferrari, McLaren and Red Bull.
“I am very pleased to announce that we have reached commercial agreements with the majority of the current Formula One teams, including Ferrari, McLaren and Red Bull Racing, about the terms on which they will continue competing in Formula One after the current Concorde Agreement expires at the end of this year.”
There had been speculation that both Ferrari and Red Bull had received favourable terms given their stance in FOTA – with both outfits having abandoned the association late last year.
Mercedes aren’t believed to have signed the agreement, but were unavailable for comment.
