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Wednesday, 30 July 2008 |
Formula One chiefs hold meeting
 Formula One team managers have met up at the Ferrari headquarters in Maranello for talks on creating a new body to work with FIA, and supremo of the motorsport Bernie Ecclestone, and they came to an agreement.
The sport's 10 team bosses have decided to form the Formula One Teams Association.
Formula One hasn't had a Concorde Agreement, which covers the rules under which the teams race and share revenue, and as a result of their meeting the chiefs hope that the new body will pave the way for such an agreement to be reached.
The last Concorde Agreement came about back in 1981 but finished at the end of last year as the teams and FIA president Max Mosley couldn't agree on what should be done.
The Formula One team managers met with Ecclestone and Donald McKenzie, who was the representative of financial backers CVC Capital Partners.
Ferrari announced in a statement that the meeting was "extremely constructive" but no further information has been given as yet.
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Last Updated ( Saturday, 02 August 2008 )
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