Teams start work on new Concorde

With the teams and Ecclestone all believed to be keen to sort out a document that lays out the running of the sport, they met for more than two hours to begin the process that it is hoped will result in a new document that binds them together.

It is understood that the teams discussed with Ecclestone what they wanted to see encompassed in the new document - with further talks likely to take place this weekend.

Once the proposals have all been agreed, Ecclestone will have to put together a draft document, which will then require either further amendments or will be signed by all the teams.

But even if the teams and Ecclestone can agree a way forward for a new Concorde Agreement, the matter is likely to face further hurdles because the FIA appears unwilling to sign up too unless it believes the contract fulfills certain criteria.

In a recent letter that FIA president Max Mosley sent to national clubs, he wrote: "In my view, we should only sign a new Concorde Agreement if it reinforces the authority of the FIA and deals properly with the major financial crisis which appears imminent in F1.

"Costs have gone out of control, income is insufficient and major manufacturers are in difficulty with their core businesses. Only with fair and realistic financial arrangements will we avoid losing more teams."

This stance may not fit in with Ecclestone and the team's plans, however - especially with desire from some outfits to have a say in the framing of technical regulations.