Friday, August 1, 2008

Teams create new F1 association

The grid’s 10 squads have agreed to set up a Formula 1 Teams Association to provide a forum to discuss how the sport will operate in future.
Ferrari issued a statement announcing that the new organisation would be formed following what it called a "very constructive" meeting at its Maranello base on Tuesday between all teams, F1 supremo Bernie Ecclestone and Donald McKenzie from the sport’s commercial rights owners CVC Capital Partners.
It said the new body will work with the FIA and Formula One Management towards establishing a new Concorde Agreement and future rules in the sport.
“All the Formula 1 teams met today in Maranello and held an extremely constructive meeting, in the presence of Bernie Ecclestone and Donald McKenzie,” the statement read.
“The teams have subsequently agreed unanimously that they will establish the new Formula 1 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.”
The Maranello meeting was called in response to a letter from FIA president Max Mosley earlier this month in which he asked the teams to come up with proposals for a radical shake-up of the rules from 2011.
Mosley said the aim should be to halve the costs of manufacturer teams, reduce fuel consumption and improve the racing.

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