Formula 1 commercial rights manager Bernie Ecclestone has announced that most of the sport's teams have committed to a new Concorde Agreement that will govern the sport after 2012.
In a statement issued on his official website shortly before the start of final free practice, Ecclestone said that a number of squads, including Ferrari, McLaren and Red Bull Racing, had committed to the new agreement.
"I am very pleased to announce that we have reached commercial agreements with the majority of the current Formula 1 teams, including Ferrari, McLaren and Red Bull Racing, about the terms on which they will continue competing in Formula 1 after the current Concorde Agreement expires at the end of this year," said Ecclestone.
The news comes after a week of speculation that Ecclestone had offered terms to teams – which included extra payments to Ferrari and Red Bull Racing, plus the possibility of some teams taking a shareholding if the sport was taken public.
Ecclestone canceled plans to attend this weekend's Malaysian Grand Prix at the last minute, but did say ahead of the season-opening race in Australia that he was keen to get the Concorde discussions concluded as quickly as he could.
"I don't want it dragging on," he told Britain's Daily Telegraph.