MARANELLO, Italy -- Formula One's 10 teams created an association Tuesday to safeguard their interests in response to rule changes proposed by motor sports' governing body.
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Ferrari said in a statement that the meeting at its headquarters had produced a unanimous decision to establish a new "Formula 1 Teams Association" to work with the Federation Internationale de l'Automobile (FIA) "to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport."
The 10 F1 team principals decided to meet with the sport's main commercial rights holders after FIA president Max Mosley introduced a plan to decrease team budgets by 50 percent and improve fuel efficiency.
FIA plans to implement the measures by 2011 and has given the teams three months from the issue of the letter earlier this month to provide proposals or abide by the changes, which aim to make the sport more competitive, cheaper and greener.
Bernie Ecclestone, chief of Formula One Management, and Donald McKenzie, president of CVC Capital Investment, also attended the meeting. CVC is the principal shareholder of F1's commercial rights.
Next year, F1 will move to hybrid technology through KERS, an energy recovery system that will reduce carbon dioxide emissions.
