Simplify the following text for a Grade 5 native English-speaking person.
Original: On 7 December 2004 , at a meeting attended by the bosses of all the teams but Ferrari , Ecclestone offered a payout of Â # 260,000,000 over three years in return for unanimous renewal of the Concorde Agreement , which would guarantee the continuation of Formula One in its present form at least until the expiration of that contract .
Simplified: A meeting on the new Concorde Agreement was held on 7 December , 2004 . All of the teams but Ferrari attended the meeting .