Ecclestone: Teams will pay for Concorde delay image

The Concorde Agreement, which commits F1 teams to race and specifies that they share 50 per cent of the sport’s profits as prize money;

However, F1 teams are believed to want 75 per cent, but Ecclestone is unlikely to give ground. He told the Daily Express that, in fact, his business could get a boost if no new contract is signed.

“I don’t even care if we don’t have a Concorde Agreement,” Ecclestone told the Daily Express.

“What we might do is run the championship and ask the teams for money to enter,” he added.

F1 teams already pay entry fees to the governing FIA, but Ecclestone argues that it is logical they should also pay fees to the owner of the commercial rights.

“If I want to enter a horse in the Derby, I pay a whacking great entry fee,” said the 80-year-old.

He hinted that teams who sign up now for 2013 and beyond will not have to pay the new fee.

“If you are late with an entry in the Derby,” said Ecclestone, continuing the horse-racing analogy, “you have to pay a chunk of money to enter the horse.

“If teams don’t want an agreement, we will put more money in our bank,” he warned.