Thursday 31 July at 10:48 : Ferrari president Luca di Montezemolo has been selected to head up the newly formed formula one teams' alliance.

At a meeting at the Italian team's Maranello headquarters this week, representatives for F1's ten teams agreed to establish the Formula One Teams Association (FOTA), to work in unison on commercial and regulatory conditions.

A Ferrari spokesman said after the Tuesday meeting that no decision had yet been taken about who might head up the association, if indeed a figurehead was required.

But Sport Bild, the German specialist magazine, reports that Montezemolo - who also presided over the Tuesday meeting - is to be the official FOTA spokesman for the next 12 months.