Formula One faces the price of success in new Concorde talks

Formula One teams are set to start talks with the sport’s governing body and owners on a new collective agreement with wrangles over a number of thorny issues expected as the sport faces up to the price of success.

Formula One teams are set to start talks with the sport's governing body and owners on a new collective agreement with wrangles over a number of thorny issues expected as the sport faces up to the price of success.

The current Concorde Agreement, between the three parties, runs until 2025 and often deals have only been secured at the last minute or after a period without a formal agreement.

But Greg Maffei, chief executive of Liberty Media, the American owners and rights holders of Formula One, said last week that he wanted to begin talks now.

Maffei's comments on an investor's call were well received by teams at the Miami Grand Prix, who saw no reason not to get down to business ahead of schedule.

"We haven't really started talking properly but that's going to happen soon," said Mercedes team principal Toto Wolff, who hopes the talks will be kept behind closed doors.

"It should happen in a constructive way, not maybe live-broadcasted and creating controversy," he said.

Given the history of the usually very public debates around the Concorde talks, that may be wishful thinking from the Austrian, however.