Mercedes future remains in the balance amid discussions over new agreement

Published: 05:53 EST, 24 May 2012 | Updated: 05:53 EST, 24 May 2012

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Ross Brawn claim Mercedes remain locked in discussions with regard to their future role in Formula One.

With the sport gearing up for an initial public offering on the Singapore stock exchange expected to yield around £2billion, the role of Mercedes has yet to be determined.

Ferrari, McLaren and Red Bull have broadly agreed to the terms of a new Concorde Agreement with F1 supremo Bernie Ecclestone, and are all guaranteed seats on a new board that will come with a float.

Doubt: Mercedes have yet to sign the new agreement

Mercedes, however, have so far been marginalised, not only with regard to the new Concorde Agreement - the commercial pact that binds the teams, the FIA and rights holders CVC Capital Partners - but also as they have no place on the board.

Ecclestone's argument is although Mercedes have been an engine supplier since 1984, the current campaign is only their third as a fully-fledged team in their own right since 1955 and as such do not deserve the same rights as others.

Mercedes team principal Brawn said: 'We are very proud of our history and our heritage and we feel its important to the sport.

'People have different opinions on that. But it's all part of the delicate discussions that are going on.

'It is still I'm afraid something we can't comment on. So I can't really add anything to what we've said previously.'

In talks: Ross Brawn

Earlier this week the sport geared up for the flotation when CVC Capital Partners, F1's majority shareholders, sold 21.3 per cent of the business to three investment funds worth a combined £1billion.

US company Waddell&Reed paid £630m for a 13.9 per cent stake, while US money manager BlackRock and Norges, the investment division of Norway's central bank, together paid £382m to get a combined stake of 7.4 per cent.

With Ecclestone confirming the IPO is due to take place before the end of next month, Brawn feels it is not so cut and dried and that the FIA have a key role to play.

Brawn added: 'We've got a long way to go before we arrive at the final solutions.

'What has to be factored into all of this is the role the FIA play in the future and how they are involved in the sport.

'They have been quite quiet so far, but they will have an involvement in the sport and I'm reasonably confident that we'll find sensible solutions in the future.

'I don't think things are closed yet. The sport can only survive if it has the lifeblood.

'Whatever we've had so far, which has perhaps not been the perfect solution, has been enough to sustain and maintain Formula One in reasonable shape.

'It could always be better, it could always be a lot worse.

'Whatever the weaknesses of what we've had so far, it's worked. I think there will need to be solutions found that make it work and I think we've still got quite a long way to go.

'It might go on longer but I think in the next few months it will become clear what the shape of Formula One is in the future.'