F1 teams in new association bid

The Formula 1 teams had a meeting today in Maranello, Italy, and have agreed to set up a new association called the Formula 1 Teams Association, that will negotiate with the FIA and Formula One Management to agree on a new Concorde Agreement.

All the teams were represented, along with Bernie Ecclestone and Donald McKenzie, CVC's managing partner, and Ferrari issued a statement this afternoon stating that the meeting had been "extremely constructive".

The statement said "The teams have subsequently agreed unanimously that they will establish the new Formula One Teams Association to work with the FIA and FOM to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport."

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