Open

Coming up

Don't miss

Replay


LATEST SHOWS

THE BUSINESS INTERVIEW

Carlos Tavares, CEO of PSA Peugeot-Citroën

Read more

AFRICA NEWS

Demobilisation in DR Congo: 100 ex-fighters die of starvation

Read more

IN THE PAPERS

'France is sinking!'

Read more

AFRICA NEWS

Algerian jihadists execute French hostage

Read more

IN THE PAPERS

UMP presidential nomination: May the best man win!

Read more

AFRICA NEWS

Famine in South Sudan: 4 million struggling to find enough to eat

Read more

BUSINESS DAILY

Peugeot at Paris Motor Show: 'We are recovering'

Read more

BUSINESS DAILY

France defends deficit reduction delay in 2015 budget

Read more

FOCUS

Can Italy's Prime minister live up to his ambitious agenda?

Read more

F1 split avoided as FIA and teams make peace

Text by NEWS WIRES

Latest update : 2009-06-24

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

COMMENT(S)