Formula 1's ruling body said on Friday that it expects a new Concorde Agreement to be signed by the end of next week. The FIA said in a statement that all parties, including the 13 Formula 1 teams, had completed their negotiations for the new deal. Its completion is now only subject to the approval of the World Motor Sport Council and the agreement of a deal to reduce costs.

"Following the completion of negotiations with FOA and all 13 Formula One teams by FIA President Max Mosley and FIA Deputy President for Sport Nick Craw, the members of the World Motor Sport Council have been sent a copy of the proposed new Concorde Agreement for their consideration," said the FIA in a statement.

"Subject to the approval of the WMSC and on receipt of confirmation that a satisfactory cost-reduction agreement is in place, the new Concorde Agreement should be ready for signature at the end of next week."