The current Concorde Agreement, F1's crucial three-way commercial deal between the commercial rights holder (Liberty Media-owned FOM), the FIA and the 10 teams covers the 2021-2025 period.
With two more years remaining beyond the current season, there's no rush to thrash out a fresh deal, but in a recent call with Wall Street analysts Liberty Media president Greg Maffei said he was keen to "strike while the iron is hot" and use F1's strong momentum to agree to new terms well ahead of time.
"We have several years left to run on the Concorde Agreement," Maffei said.
"But I think there's a consensus among the teams and the FIA and ourselves that now might be a good time to try and strike while the iron is hot and renew and extend the Concorde Agreement."
McLaren CEO Brown thinks it would be beneficial for the stability of the series to get a new deal done "sooner rather than later" and believes a new deal could be little more than a "rinse and repeat" of the current terms.
"I think everything's working great," he said. "If you look at the health of the sport, from a Liberty point of view, from the 10 racing teams’ point of view, the teams that want to come in, the promoters, the fans, the TV, so I'd like to see it get done sooner rather than later, just for the stability and longevity of the sport.
"I also think it's a little bit of a rinse and repeat. I think it's working. I don't think there's much to add or change to the existing agreement, so I don't think it needs to be a prolonged conversation either. I'd pretty much be happy with a rinse and repeat with a few tweaks here and there.
"There's things in the digital age that have advanced since we did the last agreement that I think need to be discussed. But I think for the most part, it's a solid agreement. It's working so we don't really need to fix what's not broken."
Source: Autosport