Concorde nears take-off

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A new Concorde Agreement, the commercial document that governs the sport, is due to be signed by the FIA, Bernie Ecclestone's Formula One Association and all 13 teams due to compete from next year. The situation would bring to a close months of wrangling between motor sport's world governing body - primarily outgoing president Max Mosley - and the Formula One Teams' Association.

A statement from the FIA read: "Subject to the approval of the WMSC and on receipt of confirmation that a satisfactory cost-reduction agreement is in place, the new Concorde Agreement should be ready for signature at the end of next week."

A copy of the proposed new agreement has been sent to the World Motor Sport Council for their consideration, and if ratified, F1 will have peace at last.

Confirming the situation, Ferrari team principal Stefano Domenicali said: "We are very, very close to reaching a solution.

"As always with something so complex, the closer you get to the goal, the more everyone is trying to squeeze or find different things around it.

"But I'm optimistic before the August break (an enforced two-week shutdown of all teams that starts on August 3) everything will be sorted out."