F1 teams appoint Ferrari’s Montezemolo as chairman

The Formula One Teams Association (FOTA) appointed Ferrari president Luca di Montezemolo as their first chairman on Thursday after an inaugural meeting at the Italian Grand Prix. Toyota motorsport president John Howett was named as vice-chairman.

The 10 teams set up the association to work with the governing International Automobile Federation (FIA) and commercial rights holders to find ways of improving the show while spending less and increasing revenue.

FIA President Max Mosley warned in July that the sport was "becoming unsustainable" and invited teams to come up with new rules to slash costs and halve fuel consumption by 2015.

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