All ten team have agreed to create the ‘Formula One Teams Association (FOTA) in a meeting at the Ferrari headquarter’s on Tuesday.

In the statement issued, it said,

“All the Formula One 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 One 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.”