The Formula One Teams' Association (FOTA) has tonight issued the following:

The FOTA Executive Committee met today in Heathrow to examine the new regulations proposed by the FIA for the 2010 F1 Championship and to evaluate the progress of the negotiations with the Commercial Rights Holder for the renewal of the Concorde Agreement.

FOTA held a positive and constructive meeting and agreed to continue working together in a methodical manner for the definition of further cost reduction in 2010 and 2011, progressing along the path begun in 2008.

FOTA has concerns with the decisions taken at the last WMSC meeting regarding the 2010 regulations and therefore asks to begin urgent consultations with the FIA.

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A press release from FOTA

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