OddsPreview.com F1 teams form new association @ Wednesday July 30

Football Racing Online Betting Tennis Golf Cricket Boxing Formula One Other Sports

Formula One teams have agreed to form an association to handle negotiations over the future of the sport.

The bosses of all ten current Formula One teams agreed the move during a meeting at Ferrari's Maranello headquarters on Tuesday.

The new association will be tasked with drawing up a framework for the future in consultation with governing body the FIA and the commercial rights holders.

Ferrari said in a statement that the meeting was "extremely constructive".

"The teams have subsequently agreed unanimously that they will establish the new Formula One Teams Association to work with the FIA and FOM (Formula One Management) to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport," it added.

A Ferrari spokesman said no decision was taken about who might head the association, or even whether a figurehead was required.

The teams have yet to sign a new 'Concorde Agreement', the confidential commercial document to be signed by FIA, FOM and teams that governs the workings of the lucrative sport.

60% Better Betting Odds at Pinnaclesports.com - Bet now!

Most viewed stories:
Other Sports UFC - Chuck Liddell hits out at Kurt Angle over MMA claims	Online Betting Bet on WrestleMania 24 - Up to $200 free bets available	Formula One Lewis Hamilton suffers crash in Bahrain
Cricket India suspend tour of Australia over racism ban	Racing Cloudy Lane set to start Grand National as clear favourite	Golf Preview - The 2008 US Masters
Boxing Floyd Mayweather makes WWE debut during live PPV	Football Arsenal striker Eduardo suffers broken leg during Birmingham game	Tennis WIMBLEDON 2008 - LIVE COVERAGE OF MONDAY'S PLAY