Formula One now facing radical new rule changes

The future of Formula One was on the agenda today when the sport's rulers met team chiefs in Monaco.

Max Mosley, president of the sport's governing body, the FIA, summoned team bosses to a summit meeting with the aim of convincing them to accept radical new rules.

Mosley has put forward a plan for what he hopes will be a cheaper, lower-technology and more entertaining Formula One races.

But he was sure to run into opposition from team owners whose car company paymasters have set the ball rolling for a breakaway series in response to the proposals.

Formula One's technical and political environment is currently dictated by the Concorde Agreement between teams, the FIA and Bernie Ecclestone. That agreement, however, expires in 2008 and Ecclestone and Mosley must attempt to broker a new deal.