FOTA lays out its stall

The 10 Formula 1 teams have agreed to execute the articles of association of the Formula One Teams Association (FOTA). The group announced the appointment of Luca di Montezemolo has been appointed as the first Chairman of FOTA with John Howett of Toyota as Vice-Chairman.

"FOTA is committed to the development of Formula 1 and will work together with FIA and the Commercial Rights Holder to enhance the spectacle of the sport whilst reducing cost and increasing revenue," the statement said. "The teams here agreed the following primary objectives: to promote the development of Formula One and enhance its worldwide image and reputation; to represent, defend and promote the interests of its Members; to allow its Members to debate, within the corporate bodies of FOTA, any issue regarding the Formula One industry and/or Formula One racing; to co-operate with the FIA, in particular by submitting proposals for amendments to current technical and sporting regulations or for new regulations; and to co-operate with the Commercial Right Holders.

FOTA has established three commissions. The sporting working group, headed Martin Whitmarsh (McLaren); the technical working group (headed by Ross Brawn) and commercial working group, headed by Flavio Briatore (Renault).

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