The new Formula One Teams Association was established today [Thursday], following a meeting at Maranello between all those involved in the sport.

All ten teams' bosses attended the gathering at Ferrari's HQ ahead of this weekend's Hungarian Grand Prix and the summit was also attended by F1 boss, Bernie Ecclestone and CVC rights holder Donald McKenzie.

A statement published by the Scuderia confirmed that the talks were 'extremely constructive' and that the new body, FOTA, will now begin working with the FIA and FOM - Formula 1 Management - to conclude a new Concorde Agreement.

The release from Ferrari added:

"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."

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