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.