The Formula One Teams' Association has today issued the following statement in reaction to comments made by Bernie Ecclestone earlier this week.

The statement reads as follows:

FOTA wish to clarify the situation regarding remarks that have been widely reported in the last few days concerning a meeting between members of FOTA and the Commercial Rights Holder.

The meeting, which took place in London on March 18th, involved John Howett, the Vice Chairman of FOTA, Flavio Briatore in his capacity as chairman of the Commercial Working Group of FOTA and Ron Dennis as a member of the Executive Committee of FOTA as well as Bernie Ecclestone, the Commercial Rights Holder. The FOTA representatives presented the unified views of all FOTA members.

The purpose of the meeting was to discuss payment of money owed by CVC (the effective owners of the commercial rights to Formula One) to the teams and relates to agreed sums owing from the 2006, 2007 and 2008 championship years.

FOTA are committed to accelerate the signing of the new Concorde Agreement and, as part of the conditions necessary to obtain the signatures of all the teams, it was necessary to reach a conclusion to this outstanding matter.

During the discussions, any position stated by the members of FOTA who were present was supported by all members.