All 10 current F1 teams have agreed to join the association, which will meet with the sport’s governing body, the Fédération Internationale de l’Automobile (FIA) and the commercial rights holders to draw up a new framework for the sport. The move comes as FIA gets ready to introduce significant rule changes from as early as 2009.
In a statement to the press, Ferrari said that the meeting at its headquarters was 'extremely constructive.' The team provided no details except that the meeting had produced a unanimous decision to establish a new 'Formula 1 Teams Association' to work with FIA and Formula One Management "to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport."
The FIA said last month that it would enter a "wide-ranging consultation" with the teams to review the governance of the sport as well as future technical regulations.
