Formula One news

Teams to set up new body to negotiate future

F1 team bosses have agreed to set up a new association to negotiate with the sport's governing body, the FIA and the commercial rights holders as they draw up a new set of rules for the sport.

Ferrari revealed the news after a meeting of team bosses and Bernie Ecclestone and Donald McKenzie for rights holders CVC today in Maranello.

"The teams have 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," a statement from Ferrari confirmed. 

The teams have not yet signed a new Concorde Agreement which governs how the sport works and the relationships between the teams, the comercial rights holders and the FIA. The new team association, bosses hope, will make that process a lot more productive than it has otherwise been to date.

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