Formula One teams have agreed to form an association to negotiate with governing body FIA and the commercial rights holders in drawing up a new framework for the sport, champions Ferrari said.
Bosses from all the 10 current teams met at Ferrari's Maranello headquarters on Tuesday along with Formula One's commercial supremo Bernie Ecclestone and Donald McKenzie for rights holders CVC.
Ferrari said in a statement that the meeting was "extremely constructive.
"The teams have subsequently agreed unanimously that they will establish the new Formula One Teams Association to work with the FIA and FOM (Formula One Management) to agree upon regulations and commercial conditions which will provide a framework for a strong and dynamic sport," it added.
A Ferrari spokesman said no decision was taken about who might head up the association, if indeed a figurehead was required.
The teams have yet to sign a new 'Concorde Agreement', the confidential commercial document to be signed by FIA, FOM and teams that governs the workings of the billion-dollar sport.
Those attending the meeting, presided over by Ferrari head Luca di Montezemolo, included McLaren boss Ron Dennis and his team's chief executive Martin Whitmarsh in a further sign of a new spirit in Formula One.
Ferrari and McLaren were embroiled in a bitter spying controversy last year that cost the Mercedes-powered team all their constructors' points and a record $100 million fine for having Ferrari data in their possession.
Renault team boss Flavio Briatore, who has long advocated cost-cutting measures and measures to liven up the show, said earlier that the sport needed an overhaul with teams having more of a say in how the sport was run.
"Formula One needs redesigning. I believe the teams must decide," the Italian had told Tuesday's Gazzetta dello Sport.
FIA said last month that it would enter a "wide-ranging consultation" with the teams to review the governance of the sport as well as future technical regulations.
Ecclestone said earlier this month that he also backed FIA president Max Mosley's call for the teams to propose rule changes to cut costs and save resources.