Ecclestone (left) and the teams are in dispute over money

The Formula 1 teams and the sport's boss Bernie Ecclestone are embroiled with each other in a row over money.

The teams, through the Formula One Teams' Association (Fota), said they are owed money from Ecclestone from the last three years.

Ecclestone responded on the official F1 website accusing Fota of "inaccurate and misleading" comments.

The 78-year-old insisted that none of his companies "owes any amount of money to any team".

Ecclestone met with Renault team principal Flavio Briatore, Toyota boss John Howett and McLaren chairman Ron Dennis in London last week to discuss claims outstanding money was owed to the teams.

"The purpose of the meeting was to discuss payment of money owed to the teams and relates to agreed sums owing from the 2006, 2007 and 2008 championship years," claimed a Fota statement.

McLaren team principal Martin Whitmarsh added: "There is a lot of tension in this climate about lots of teams being owed lots of money.

All prize fund entitlements payable to the teams were paid when due Bernie Ecclestone

"I think that is a business between the teams and Bernie that needs to be resolved urgently."

However Ecclestone insisted that is far from the case, issuing a statement denying their assertions.

The statement said: "Formula One Administration Limited (FOA), the commercial rights holder of Formula One, wishes to clarify and correct inaccurate and misleading statements made to the media by Fota.

"In particular Fota claimed that monies are owed by CVC (FOA's controlling shareholder) to the teams for the 2006, 2007 and 2008 championship seasons.

"Neither CVC nor FOA owes any amount to any team.

"The contract between the commercial rights holder and the teams competing in Formula One, the so-called Concorde Agreement, expired at the end of 2007.

"All prize fund entitlements payable to the signatory teams under that arrangement were paid when due.

"FOA has made new contracts with various teams currently competing in the FIA Formula One World Championship on an individual basis, whereby the team has committed to participate in the championship for an agreed period in return for which FOA has agreed to pay a share of an annual prize fund generated from, and calculated with, reference to its profits.

"Each of these teams has been paid its full prize fund entitlement to date."

Howett explained that the teams were hoping to resolve the issue in the "next three to four weeks".

"I don't think anybody wants to take any action that is excessively militant, but in the end we are performing and therefore we should be compensated for what we do.

"We are making constructive and positive progress. So hopefully in the next three to four weeks everything will be completely clear."

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