Initially led by Ferrari Chairman Luca di Montezemolo, FOTA's original aim was to negotiate the terms of the new Concorde Agreement, the commercial contract which governs the championship.

A proposed budget cap for the 2010 season led to the FIA–FOTA dispute, which saw a number of Formula One teams rejecting the new regulations and threatening to establish a new racing series.

McLaren Team Principal Martin Whitmarsh, replaced Montezemolo in December 2009,[2] and the group was involved in discussions with the FIA for future Formula One regulations.

With the 29 May deadline approaching the Williams and Force India teams broke ranks, lodged their applications for 2010 and were promptly suspended from FOTA.

FOTA tried to postpone the July 8 meeting, this was rejected on the grounds that no new Concorde Agreement would be permitted before a unanimous approval of the 2010 regulations was achieved.

All of the FOTA teams signed the new Concorde Agreement except for BMW Sauber, which had announced its withdrawal from the sport at the end of 2009 two days previously.