Formula One teams have agreed to set up a new association that will work with the FIA and Formula One Management to come up with a new Concorde Agreement.
Representatives from all teams, as well as Formula One supremo Bernie Ecclestone and CVC's managing partner Donald McKenzie met today at Ferrari's headquarters in Maranello to discuss the future of the sport.
Ferrari said in a statement on Tuesday afternoon that the meeting had been "extremely constructive".
The Italian squad also revealed all F1 squads agreed to set up the new Formula One Teams' Association, a body that will work on finalising the commercial conditions and rules of the new Concorde Agreement.
"All the Formula One teams met today in Maranello and held an extremely constructive meeting, in the presence of Bernie Ecclestone and Donald McKenzie," said Ferrari in a statement.
"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."