From GMM

At a meeting at Ferrari's Maranello, Italy headquarters on Tuesday, Formula 1's ten teams agreed to establish a Formula One Teams Association.

In a press release circulated by the famous Italian marque, Ferrari described the meeting, held in the presence of F1 chief executive Bernie Ecclestone and CVC's Donald McKenzie, as "extremely productive".

The association will "work with the FIA and FOM to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport", the statement outlined.

Among the bosses present was Flavio Briatore, who earlier told the Italian newspaper La Gazzetta dello Sport that F1 is missing the contribution of FIA president Max Mosley in the wake of the sex scandal.

"His absence is felt as there's no project for F1," the Renault chief said. "The teams feel abandoned."