Formula One's ruling body FIA and the Formula One Teams Association (FOTA) have reached an agreement over contentious plans to reduce spending levels over the next seasons, thereby averting the prospect of a breakaway championship.
REUTERS - A deal has been reached with Formula One teams to avoid a breakaway series next year, FIA president Max Mosley said on Wednesday.
Mosley and eight teams had been at loggerheads over his plans to introduce a budget cap for 2010.
"There will be no split. We have agreed to a reduction of costs," Mosley was quoted as saying by media.
"There will be one F1 championship but the objective is to get back to the spending levels of the early '90s within two years."
Mosley, who earlier in the week hinted he wanted to stay on in his post, also indicated he would not stand for re-election as the head of the sport's governing body.
Media said next year's rules would be the same as this season.
A meeting of the FIA's World Motor Sport Council had taken place in Paris while the Formula One Teams' Association (FOTA) had been due to meet in Bologna on Thursday to discuss their plans for a breakaway.
The feud between Mosley and most of the teams has been brewing for months although the FIA seemed to soften its stance before last weekend's British Grand Prix when it said it would agree to rule changes if the teams committed to Formula One.
Date created : 2009-06-24