Concorde Agreement
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. The dispute was resolved with the signing of a revised Concorde Agreement. McLaren Team Principal Martin Whitmarsh, replaced Montezemolo in December 2009, and the group was involved in discussions with the FIA for future Formula One regulations. Four teams pulled out of FOTA at the end of 2011, and the association lost its purpose as the teams came to individual agreements ahead of a new Concorde Agreement in 2013. FOTA was formally dissolved in 2014.