Report: Mercedes ready to sign new Concorde

Mercedes Sports boss Norbert Haug

Mercedes parent Daimler has reportedly decided to stay in formula one beyond 2012.

In Singapore this weekend, rumours swirled in the paddock that the Stuttgart manufacturer is on the verge of pulling the plug.

That, combined with the dithering over the 2012 Concorde Agreement, could explain the long delay in Lewis Hamilton's decision about whether to join the so-called 'Silver Arrows' in 2013.

German sources had reported that Daimler chairman Dieter Zetsche has ordered cost cuts of more than a billion euros in the Mercedes road car division.

That ramped up fears that the F1 programme would also get the axe.

Responding to the rumours, Norbert Haug said in Singapore: "I believe we have already established the right balance with regards to the costs (of competing in F1).

"I say that our budget is reasonable while our results are not good enough," he is quoted by DPA news agency.

Germany's Auto Motor und Sport now reports that Daimler has decided to definitely keep the Mercedes brand in formula one, meaning the new Concorde could be signed as early as next week.

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