Mercedes still has not agreed to sign the new Concord Agreement with Formula One, according to the F1 cheif, Bernie Ecclestone.

The agreement outlines the commercial terms for participation in the race. Mercedes' current agreement expires at the end of the year. Ecclestone added that most other F1 teams have signed the new deal, which will be effective until 2020.

“I talked to [Dieter Zetsche, CEO of Daimler] last week about my position on the subject of Mercedes. The team has to know what they want to do. They’ve had the contract proposal for a month,” said Bernie Ecclestone in an interview to a German magazine "Auto, Motor und Sport".

It has been reported that Mercedes is demanding more money for the participation, but Ecclestone said he sees little racing history that would justify a bigger bonus for Mercedes.

While acknowledging the importance of Mercedes in F1, Ecclestone pointed out that team is only in its third season and has not won the world championship yet. It is only recent that Nico Rosberg won for Mercedes at the Chinese Grand Prix last Sunday.

Ecclestone added that the new Concorde Agreement will deliver more money and perks for all the participating teams in the future race tracks.

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