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.
Dipimpin oleh Presiden Ferrari Luca di Montezemolo, tugas pertama FOTA adalah menegosiasikan ketentuan-ketentuan dalam Concorde Agreement baru, kontrak komersial yang mengatur kejuaraan.