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In the highly competitive world of Formula One racing, the only thing teams can agree on is money -- they want more of it. To that end, they've set up the new Formula One Teams Association.

Unlike the previous Formula One Constructors Association – which represented only the independent teams and came, somewhat ironically, to be dominated by Bernie Ecclestone and Max Mosley when they were team owners – the new group has the backing of all the teams (both independent and manufacturer-owned). The association was founded this week in a meeting of team representatives at Ferrari headquarters in Maranello, also including the participation of Formula One rights holders Bernie Ecclestone and Donald McKenzie. The Formula One Teams Association will represent the interests of the constructors (grand prix-speak for teams) in negotiating the final terms of the new Concorde Agreement, which determines profit sharing among the parties involved in the sport. Speaking with one voice, the teams surely hope to be able to secure a bigger share of the revenues from the grands prix. Little wonder then that Ferrari, in the short statement after the jump, called the meeting "extremely constructive".

[Source: Autosport and Ferrari, Photo: Lluis Gene/Getty]


PRESS RELEASE

F1 teams meeting at Maranello

Maranello, 29th July 2008 - 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 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.