Formula 1 teams agree to forming the Formula 1 Teams Association.
On the 29th July 2008 all the Fromula 1 teams met at Ferrari’s Maranello head quarters. Forumla 1 chief Bernie Ecclestone and Donald McKenzie were also present at the meeting which was described as ‘extremely constructive’.
At the meeting the teams unanimously agreed to establishing the new Formula 1 Teams Association, which is set up 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.
