The 10 Formula One teams today met here in Monza to "execute the articles of association" of the Formula One Teams Association, which they recently agreed to found, the group said in a press release.
Luca di Montezemolo, of Ferrari, has been appointed chairman and John Howett, of Toyota, is vice-chairman. The statement said that FOTA "is committed to the development of Formula 1 and will work together with the FIA and the Commercial Rights Holder to enhance the spectacle of the sport whilst reducing cost and increasing revenue."
It also aims to, "promote the development of Formula 1 and enhance its worldwide image and reputation."
They've got their work cut out!