F1 agrees new Concorde with majority of teams

The majority of F1’s teams have agreed a deal over a new Concorde Agreement.

The news was announced by the sport’s chief executive Bernie Ecclestone, who remains in Europe, in time for Saturday’s final practice session in Malaysia.

"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."

Previously, it was reported Red Bull and Ferrari were set to agree separate new deals for F1’s future beyond the current commercial contract in 2013 and beyond.

But Ecclestone said on Saturday F1 has in fact "reached commercial agreements with the majority of the current formula one teams, including Ferrari, McLaren and Red Bull Racing".

It was not revealed which teams have not agreed the terms for the new Concorde.