Melbourne  - Formula One supremo Bernie Ecclestone has refuted claims by the Formula One Teams' Association (FOTA) that he owes it money from the previous three championship years.

"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," said Ecclestone in a statement.

"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 78-year-old Briton met with McLaren-Mercedes head Ron Dennis as well as Toyota and Renault bosses John Howett and Flavio Briatore last week to discuss the claims that money was still due from the 2006, 2007 and 2008 seasons.

"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," said Ecclestone.

"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.

"A few teams have yet to enter into a contract with FOA concerning their participation in the championship, notwithstanding which FOA has made substantial payments to each of them on account of future prize-fund entitlements they will have when they sign a contract, demonstrating FOA's goodwill and intent to conclude a new arrangement with them."