Toyota unconcerned about Concorde delay

The old Concorde Agreement, the document by which Formula One is run, expired at the end of last year and talks to frame a new version have not yet succeeded in producing a document that all the parties involved are happy to sign.

Although the start of the new season is only two months away, Howett says he has no worries that a new version has not yet been agreed.

When asked when he expected a new Concorde Agreement to be signed, Howett said: "I think it is something we can't really tell you. It is something we are waiting for.

"We need the commercial rights holder to send us the final version, but I think (the issue is) the technical details... I think we all have the intention of signing the new agreement and I believe to a large extent is it concluded.

"We genuinely are not concerned and are fairly sure the problem will resolve itself fairly quickly."

Howett added that even if a new Concorde Agreement is not agreed before the start of the season there would be no major problem for the teams, due to previous commitments made by Formula One Management.

"We do have a Memorandum of Understanding from two years ago," he said. "It concludes what we are racing under, and I would say it is an extension of the modernized version of the existing Concorde Agreement.

"I would suggest legally that we do understand what terms we have. Together with the commercial rights holder it would be ideal to conclude the modernized version, but it will not affect the racing."