Toto Wolff has insisted Mercedes are not yet ready to sign F1’s new Concorde Agreement by the August 12 deadline.

First drawn up in 1981, the Concorde Agreement has been renewed six times since then, most recently in 2013, and F1 is currently in discussion with all 10 teams about the eighth edition.

Liberty Media have been pushing for a more equitable distribution of revenue under the new terms in a bid to make the sport fairer and more sustainable as part of the talks.

A number of F1 teams have already confirmed they are ready to sign the terms for the new contract, including Ferrari and McLaren.