The FIA has not yet put pen to paper on the new five-year Concorde Agreement.
With the vital pact linking the teams, Formula 1's commercial rights holder, and the governing FIA set to lapse this year, F1 announced the fresh deal for 2026 onwards on the day of the season-opening Australian GP.
A closer look revealed that F1 stated only "all teams" had signed, despite the release claiming the agreement "secures the long-term economic strength of the sport".
Liberty Media-owned F1 added: "The 2026 Concorde Governance Agreement will be finalised in due course."
Auto Motor und Sport's Michael Schmidt noted: "The FIA, as a third partner, is not yet on board."
Tensions have simmered for months between Liberty and the teams on one side and the Mohammed Ben Sulayem-led FIA on the other.
Schmidt, however, expects Ben Sulayem to sign "soon".
"According to FIA sources, the contract is already with the lawyers," he wrote.
Not all ten current teams reportedly signed simultaneously. A key sticking point was the 'anti-dilution' fee for 2026 newcomer Cadillac, rumoured to have settled at a hefty $450 million.
That sum will be evenly divided among the existing ten teams, per Schmidt.
The new Concorde also had to account for a possible twelfth team down the track, with Auto Motor und Sport explaining: "The aim is to prevent a repeat of the Andretti drama at all costs."
The FIA's delay stems from "repeated disagreements over rule-making" of late, while Ben Sulayem has pushed for "significantly more funding for the future, citing the increased workload and personnel requirements".
"According to FIA representatives," Schmidt concluded, "negotiations with Formula 1 are in the final stages.
"Rule-making and marketing issues have apparently been resolved. Now all that's left is legal approval."
