The Concorde Agreement is a contract between the FIA, the Formula 1 teams and the Formula 1 Administration. The Concorde Agreement gives the details on how the teams race, and how the money is split television revenues and prize money.
There have been six versions of the Agreement since 1981, and the current version ran out at the end of last season. However, the teams haven't been able to agree on the new Concorde Agreement with Bernie Ecclestone
and the FIA.
Bernie Ecclestone told ESPN: "We don't need the Concorde Agreement signed, it doesn't matter to me whether we have got the Concorde Agreement or not. The Concorde Agreement is really made up of two sections. We have already dealt with the financial section with the teams. It is all done so it is a case of the regulations, which change all the time. It's a case really of how you change the regulations. What affects the teams more than anything is the technical regulations. It is that which could put them out of business."
The financial side of the deal is sorted according to Ecclestone, but the FIA are believed to be holding things up.