Mercedes says discussions about it signing up to a new Concorde Agreement are edging forwards, despite continued speculation about its future in the sport.
The German car manufacturer is the only front-running team that has not agreed a deal that will commit it to F1 from the start of next year, amid rumours that it could quit the sport or take its owners CVC to the European court. But in a statement issued in Monaco on Thursday, Mercedes-Benz motorsport boss Norbert Haug (ABOVE) hinted that progress was being made that could lead to an agreement.
"Understandably, we have been asked frequently about the status of our Concorde Agreement negotiations in the past days. On this matter, I can confirm we are having constructive discussions that are heading in the right direction," he said.
CVC is hoping to float Formula 1 on the Singapore stock market later this year, as moves are made to sell off some of its shares in the sport, and the success of that IPO would be boosted by Mercedes-Benz being committed to the future.