Formula One’s commercial rights-holder Bernie Ecclestone has claimed “total agreement” has been reached with all teams over a new Concorde Agreement, adding that the sport’s leading outfits should establish technical regulations in the future.

Ecclestone said in March that the majority of the championship’s teams, including Ferrari, McLaren and Red Bull Racing, had reached an agreement to continue racing after the current Concorde Agreement expires at the end of this season. The confidential Agreement between Ecclestone’s Formula One Management (FOM) and the teams divides up the commercial revenues of the sport, including television rights and prize money, along with specifying technical regulations.

Mercedes was believed to have been the only major team that had yet to reach a deal with FOM as it held out for improved commercial terms. However, Ecclestone told the Daily Mail that all teams are now on board with only the fine print of the new Agreement remaining to be resolved. “Total agreement,” said Ecclestone. “We are just talking to the lawyers – ‘why have you used this word, that word’. Typical lawyers but everything’s fine. Commercially it’s done.”

F1’s technical regulations are currently drawn up by the International Motorsport Federation’s (FIA) Technical Working Group, the Formula One Commission and the World Motor Sport Council, but Ecclestone believes a new process could be agreed in the future. He told the newspaper: “Now what we’ve got to do is look at how the technical regulations are made. It should be the teams, though not all the teams, who do that. They are the people who have to come up with the money, not the FIA. It would be the established teams who are here to stay – Ferrari, McLaren, Red Bull, Mercedes and probably Williams as old timers – deciding what to do.”