Mercedes agree to sign Concorde Agreement

Saturday 22nd September 2012, 16:22 by Ryan Wood 

Mercedes AMG F1 Team

Mercedes have reportedly agreed terms with Bernie Ecclestone which will see them sign the new Concorde Agreement for 2013 and beyond.

The German marque is currently the only team to have refused to sign the document which governs how the sport is run and how the prize money is divided between the outfits.

A row over Mercedes F1 history and numerous name changes meant they weren't considered a so-called historic outfit. Therefore they weren't entitled to the same degree of benefits offered to Ferrari, McLaren, Williams and Red Bull. While it could be argued that the latter is a new outfit, their back-to-back titles qualifies them for an increased share of the prize fund.

Mercedes threatened to pull out of the sport at the end of the year as a works team following pressure from the Daimler board, however it's been reported in Singapore that new terms have been agreed which will see Mercedes commit to F1 and the Concorde Agreement until at least 2020.

An announcement confirming that all parties involved have agreed to the new agreement is expected in the coming weeks.

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