Today Max Mosely has stated that peace has been found in F1. There will now be no breakaway FOTA series. Max Mosely is said to be not running again for FIA President in October, probably part of the deal to keep F1 intact. More to follow.
Jun.24 (GMM) Max Mosley will step down as FIA president later this year, as formula one's political crisis involving eight rebel teams' threat to set up a breakaway championship ended on Wednesday.
Hopes that the Paris meeting of the World Motor Sport Council would be the scene for a resolution were proved right, after 69-year-old Mosley emerged and told reporters "there will be no split".
"We have agreed to a reduction of costs," said the FIA president, following a lengthy dispute about his proposed budget cap, governance style, and ultimately his very presence at the head of the sport's ruling authority.
"There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years," he said on Wednesday.
As for his earlier claim that he will not be deciding to step aside in the midst of a crisis, he added: "I will not be up for re-election now we have peace."
F1 chief executive Bernie Ecclestone was also in Paris and said he was "very happy that common sense has prevailed".
But it is also believed that Michel Boeri, currently president of the FIA senate and head of the Monaco automobile club, will immediately begin to handle all relations between the sport's governing body and the teams.
It seems that Mosley's planned budget cap, meanwhile, has been completely scrapped, although the kinds of other cost reductions agreed by FOTA should lead to radically smaller budgets by 2011.
However, Mosley appears to have backed down on all fronts.
He had been pushing for the executive boards of the manufacturers involved in F1 to commit to the sport in writing through 2014. Instead, all the teams will simply sign a new Concorde Agreement, but valid only to the end of 2012.
The published 2010 regulations are to be completely torn up, replaced - as per FOTA's wish - with this year's rules but modified for the cost-cutting measures agreed on Wednesday.
The World Motor Sport Council was the culmination of an intense amount of pressure: not only about the viability of Mosley's ongoing tenure, but also the looming breakaway.
FOTA had this week appointed a PR company to inform a wider media audience about the plans, and was preparing to push forward with a meeting to discuss preparations - including inking initial contracts - on Thursday in Bologna.
Lawyers for F1's commercial equity owners CVC, meanwhile, had travelled to Silverstone last weekend and apparently pushed the warring sides very hard - particularly Mosley as the regulator - to broker a solution.
Wednesday's developments are likely to be immediately formalised with FIA and FOTA press statements, and the publication of a final 2010 entry list.
"This for me is an enormous relief," Mosley said in a hastily convened press conference in Paris, also referring to "personal difficulties" he has faced.
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