Max Mosley, the president of the FIA has declared he will not stand for re-election in October after claiming an agreement has been reached with FOTA Formula 1 teams to avoid a breakaway series.
According to sources, Mosley, F1 rights holder Bernie Ecclestone and FOTA chairman Luca di Montezemolo held a series of meetings overnight and into this morning, prior to today's World Motor Sport Council meeting in Paris, aimed at resolving the crisis.
Max Mosley has apparently agreed not to stand again as president of the governing body, despite earlier this week stating that he felt compelled to do so as long as the threat of a breakaway championship remained.
Several experts believe that as part of the agreement the teams must call off the breakaway series and sign up to a new Concorde Agreement until 2012.
After the meeting, Max Mosley sais: "There will be no split. We have agreed to a reduction of costs. There will be one Formula 1 championship but the objective is to get back to the spending levels of the early 1990s within two years."
The FIA is expected to release the official entry list for the 2010 Formula 1 World Championship later this afternoon.
photo:WRI2
According to sources, Mosley, F1 rights holder Bernie Ecclestone and FOTA chairman Luca di Montezemolo held a series of meetings overnight and into this morning, prior to today's World Motor Sport Council meeting in Paris, aimed at resolving the crisis.
Max Mosley has apparently agreed not to stand again as president of the governing body, despite earlier this week stating that he felt compelled to do so as long as the threat of a breakaway championship remained.
Several experts believe that as part of the agreement the teams must call off the breakaway series and sign up to a new Concorde Agreement until 2012.
After the meeting, Max Mosley sais: "There will be no split. We have agreed to a reduction of costs. There will be one Formula 1 championship but the objective is to get back to the spending levels of the early 1990s within two years."
The FIA is expected to release the official entry list for the 2010 Formula 1 World Championship later this afternoon.
photo:WRI2