F1: Teams Finalize FOTA Plans

Formula 1

F1: Teams Finalize FOTA Plans

Montezemolo also confirmed as chairman of Formula One Teams Association.

Adam Cooper | http://www.speedtv.com | Posted September 11, 2008 Monza, Italy

Montezemolo has been officially confirmed as FOTA's inaugural chairman. (LAT Photo)

The F1 team bosses met in Monza today to iron out the details of how their new organization – the Formula One Teams Association – will be organized.

The teams have now agreed on articles of association, and confirmed Ferrari’s Luca di Montezemolo as chairman, and Toyota’s John Howett as vice-chairman.

A statement issued by Ferrari on behalf of FOTA said:

“FOTA is committed to the development of Formula 1 and will work together with FIA and the Commercial Rights Holder to enhance the spectacle of the sport whilst reducing cost and increasing revenue. The teams here agreed the following primary objectives:

- to promote the development of Formula One and enhance its worldwide image and reputation;

- to represent, defend and promote the interests of its Members;

- to allow its Members to debate, within the corporate bodies of FOTA, any issue regarding the Formula One industry and/or Formula One racing;

- to co-operate with the FIA, in particular by submitting proposals for amendments to current technical and sporting regulations or for new regulations;

- to co-operate with the Commercial Right Holders.”

In addition FOTA has been established a Sporting Working Group, headed by Martin Whitmarsh of McLaren, a Technical Working Group, headed by Ross Brawn, and Commercial Working Group, headed by Flavio Briatore.