Sep.22 (GMM) 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.

Latest F1 News - Mobile version

26 Feb: New Ferrari not quickest in field - Domenicali 26 Feb: Red Bull still best in 2013 - Tost 26 Feb: 2014 French grand prix 'possible' - Prost 26 Feb: Danica Patrick 'not interested' in F1 switch 26 Feb: Report - Gilles Simon working on F1 engine for Honda 26 Feb: Gutierrez plays down link to Carlos Slim 26 Feb: Caterham exhaust 'legal' insists van der Garde 26 Feb: McLaren replaces Mercedes-bound Lowe 25 Feb: 'Engine maps' trouble for Red Bull, Lotus - report 25 Feb: Mercedes-bound Lowe to miss 2013 opener - report 25 Feb: Mercedes 'in group of teams' behind Red Bull - Lauda 25 Feb: Gutierrez expects Hulkenberg to beat him early in 2013 25 Feb: New Ferrari 'much better' than 2012 - Massa 25 Feb: Teams 'will adapt' to new tyre situation - Gutierrez 25 Feb: Tight rules make today's F1 cars 'the same' - Forghieri 25 Feb: Williams removes controversial exhaust trick 25 Feb: Contract 'conflicts' cause of Marussia test snub - Razia 25 Feb: Lotus to fight Red Bull for title - Gutierrez 25 Feb: Marussia 'ahead of Caterham' - Chilton 25 Feb: Sutil will not stay in F1 as test driver The latest F1 News - Mobile Version

F1 News  F1 Schedule  F1 Line-up  Constructors' Championship  Drivers' Championship  F1 Tickets  Live F1 Coverage

Full Version: Formula 1 News  Formula 1 Schedule  Formula 1 Line-up  Constructors' Championship  Drivers' Championship  Live F1 Coverage  10 'n' Pole  F1 Regulations  The Forums  Motorsport Shop  F1 Merchandise  F1 Tickets  F1 Diecast  F1 Videos  F1 Games