FOTA signs off Articles of Association
Formula One teams signed off the Articles of Association for the new Formula One Teams' Association (FOTA) in Monza on Thursday
The new group is hoping to bring unity among the teams as moves are made to formulate new rules and increase excitement in the sport.
Ferrari president Luca di Montezemolo has been appointed as the first chairman of FOTA, with Toyota president John Howett the vice-chairman.
Three separate commissions have been set up. A Sporting Working Group, headed by McLaren F1 CEO Martin Whitmarsh, a Technical Working Group headed by Honda team principal Ross Brawn and a Commercial Working Group headed by Renault boss Flavio Briatore.
FOTA has vowed to work together with the FIA and F1's commercial rights holders to help improve the sport.
In a statement issued on Thursday, he said: "FOTA is committed to the development of Formula One and will work together with FIA and the Commercial Rights Holder to enhance the spectacle of the sport whilst reducing cost and increasing revenue."
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