Formula One reach agreement over 2010

The FIA president Max Mosley says a deal has been reached with the breakaway F1 teams.
Max Mosley, the president of motorsport’s governing body the Federation Internationale de l’Automobile (FIA), has said there "will be a unified Formula One championship in 2010."

The statement comes after Mosley spoke to the FIA’s World Motor Sport Council and the Formula One Teams’ Association (FOTA), at the governing body’s headquarters in Paris. It seems FOTA, as the representitive of all eight teams that had threatened to set up a rival series, have settled their differences with the controversial racing boss. Mosley has reportedly confirmed a cost-cutting deal has been reached with those concerned which has ensured a deal for the next season. The Formula One furor explained.

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“There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years,” the BBC reported Mosley as saying. It also appears the 69-year-old has now agreed to move aside when his fourth term as FIA president ends in October, saying: “I will not be up for re-election, now we have peace.” Mosley had previously maintained the decision of who should be president should reside solely with the members of the FIA despite growing pressure from the rebel teams for a new man to take charge. Formula One supremo and sole commerical rights holder Bernie Ecclestone said he was “very happy common sense had prevailed”according to The Times.

The FIA announced on the June 19 they intended to sue for breach of contract the eight teams – Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP – who had threatened to form a new, alternative championship. The announcement could bring to an end an eight-week disagreement, that has threatened to tear apart the sport, which centered on proposeds to introduce a $65 million budget cap for all teams competing in the next campaign.