F1 close to Concorde Agreement

Formula One stakeholders moved another step closer to agreeing a new Concorde Agreement during a meeting in Paris on Monday.

FIA president Jean Todt, Commercial Rights Holder Bernie Ecclestone and representatives from the 12 teams held a "constructive meeting" meeting in the French capital.

Among the things that were discussed were the Concorde Agreement, which will come into effect next year and run until 2020, a new cost-cutting mechanism, Championship entry fees and the FIA's role in regulating the sport.

A statement from the sport's governing body confirmed that the team bosses were presented "the new structure of governance, including the new conditions of entry for the Concorde Agreement, starting in 2013.

"All the participants in the meeting were encouraged to seek clarification which resulted in a fruitful and helpful debate on how the new structure would operate in 2013 and beyond.

"A further important step has been achieved today to secure the future of the F1 World Championship which should lead to a final settlement to be reached between the FIA, the Commercial Rights Holder and the Teams in the coming weeks."