The Financial Times reports that Formula 1 teams turned down an offer from series commercial rights manager Bernie Ecclestone for a greater share of profits in return for an extension of the commitment to remain in the sport. The FT reports Ecclestone as saying he had offered the teams a 60-percent share of the sport's underlying profits – up from the 50 percent they currently get under the terms of the Concorde Agreement that runs Formula 1 – in return for a commitment from team owners that they would remain in the sport until 2012. Ecclestone says they declined his offer.