F1 teams have agreed to setup a new body that will work in conjunction with the FIA and Formula One Management to thrash out a new Concorde Agreement including the commercial conditions and new rules. The new body has representatives from each Formula One team.
The body met up with Bernie Ecclestone and CVC s managing partner Donald McKenzie at Ferrari s HQ in Maranello, Italy, yesterday to discuss the future of F1 and Ferrari revealed that the talks had been very useful.
“All the Formula One teams met today in Maranello and held an extremely constructive meeting, in the presence of Bernie Ecclestone and Donald McKenzie,” Ferrari said in a statement.
“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.”