The outcome of a meeting held at Ferrari’s Maranello headquarters on Tuesday was very positive with the ten teams, FOM chief Bernie Ecclestone and CVC’s Donald McKenzie all agreeing to work together and with the FIA and organize a new Concorde Agreement.

“All the Formula 1 teams met in Maranello and held an extremely constructive meeting, in the presence of Bernie Ecclestone and Donald McKenzie,” Ferrari said in a statement. “The teams have subsequently agreed unanimously that they will establish the new Formula 1 Teams Association to work with the FIA and FOM to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport.”

This can only be good news for the sport that now appears to be working together in harmony rather than pulling the series in all different directions.