Ferrari chief appointed to F1 job

Ferrari president Luca di Montezemolo has been appointed as the Formula One Teams Association's first chairman.

The 10 F1 teams set up the association to work with governing body the International Automobile Federation (FIA) to help improve the sport.

FIA president Max Mosley wants F1 to come up with new rules to reduce costs and halve fuel consumption by 2015 in a bid to become "greener".

Even the smallest F1 team's annual costs are over £57m.

Ferrari said the meeting had agreed five primary objectives and established three commissions.

The Sporting Working Group will be led by McLaren chief executive Martin Whitmarsh, the Technical Working Group by Honda team principal Ross Brawn and the Commercial Working Group by Renault F1 team boss Flavio Briatore.

(Source: BBC)