Reuters: Private Equity: Motor racing-Mercedes see progress in F1 contract talks

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Motor racing-Mercedes see progress in F1 contract talks May 24th 2012, 18:58 MONACO | Thu May 24, 2012 2:58pm EDT MONACO May 24 (Reuters) - Mercedes hinted at progress on Thursday in talks to secure their long-term future in Formula One. The German car manufacturer's team is the only leading outfit that has yet to agree to an extension of the confidential 'Concorde Agreement' that governs the commercial side of the sport and expires this year. "Understandably, we have been asked frequently about the status of our Concorde Agreement negotiations in the past days," said Mercedes motorsport vice-president Norbert Haug in a statement at the Monaco Grand Prix. "On this matter, I can confirm we are having constructive discussions that are heading in the right direction." Formula One is preparing for a flotation in Singapore expected to go ahead in June, with a board meeting scheduled in Monaco on Friday. Mercedes GP chief executive Nick Fry warned this month that any flotation of the sport needed an agreement with Mercedes if it was to be successful.

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