There have been others in the past, but it has always been good news for Formula One when the teams in competition can come together and agree on the future of Formula One for the ultimate good of everyone.

This is precisely what has taken place today (Tuesday July 29) at the Maranello base of Grand Prix racing's oldest and most successful team, Ferrari.

The meeting was brought about by a statement issued by FIA President Max Mosely in early July, which asked the teams to come up with some proposals and measures for changing the way that F1 is run. Also a way to spice up the action while improving the technical side of the sport.

A new F1 Association is the response the teams have chosen. The formation was apparently supported unanimously by all the teams and the two present officials, Bernie Ecclestone and Donald McKenzie who represents the sport's commercial rights holders, CVC Capital.

Aims said to be atop the new F1 Association agenda for shaking things up in 2011 are cutting costs for the major manufacturing teams by up to half of what they operate now, and cutting fuel emissions and costs. Improving the racing is another high priority item.

It is perhaps fitting that the meeting take place at the sport's oldest and most successful team HQ and even better that all the teams have been able to agree. The overall aim of the association is to have a replacement Concorde Agreement put in place to once again try and make Formula One a fairer and more smoothly ran organisation with equal input from all parties involved.

With this news it would seem that that occasional talking point, the breakaway series, has been put to bed. Since the Concorde Agreement ended officially, and all of the political wranglings thereafter there were a number of manufacturers threatening a breakaway: Mclaren, BMW and Honda three chief among them.

However, the danger of a breakaway series may have ended. The improvement of the sport in a harmonious relationship between all of the teams is by no means guaranteed. Bernie Ecclestone is always cooking up some scheme to improve the show, which usually means making money rather than actually improving things.

The teams as anyone involved will say, have only ever acted in their own self-interest.

So it is momentous news that the F1 manufacturers, F1 and the FIA are all working together once again. However, with the political rumblings of the FIA scandal still bouncing around, the above problems still lying dormant for the time being time will tell what the future holds for Formula One.

Political wrangling and machinations have always been a part of the show.

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