Mercedes yet to sign new deal with F1, says Ecclestone

Formula One chief Bernie Ecclestone said he has met with Daimler AG CEO Dieter Zetsche to discuss the new Concorde Agreement, which the Mercedes team still has not agreed to sign.

The Concorde Agreement is a confidential arrangement between F1 management, teams and other stakeholders that outlines the commercial terms for participation.

Most of the F1 teams have signed onto the new deal that will govern the series until 2020. But Mercedes has been holding out for more money. The current agreement expires at the end of the year.

Ecclestone told the German magazine "auto, motor und sport" he can recognize little racing history that would justify a bigger bonus for Mercedes.

"I talked to him (Zetsche) last week about my position on the subject of Mercedes," Ecclestone told the magazine, which released the interview on Wednesday.

"The team has to know what they want to do. They've had the contract proposal for a month, ready to be signed."

Mercedes won its first race under its name in 57 years when Nico Rosberg captured the Chinese Grand Prix on Sunday.

Ecclestone said Mercedes was "very important" for F1, but noted that the German carmaker is only in its third season racing under its own name.

"And they have not won the world championship yet," Ecclestone said.

Having once started as Tyrrell, the team changed owners and its name four times.

"I don't see much history in this team," Ecclestone told the magazine.

Ecclestone said the new Concorde Agreement will deliver more money for the team because the series was earning more.

The commercial aspects of the deal are settled and a new set of rules will be concluded before the end of the year.

Ecclestone said name changes will now be prohibited, but teams will be able to buy a previous season's car from a competitor. The series will continue to have about 20 races a year, although some of the classic grands prix could be worth more points.