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24/06/2009
Deal Agreed Over Breakaway Formula One Threat
An agreement has been reached by the FIA and the Formula One Team's Association (FOTA).
The deal was revealed by the President of the motorsport's governing body, the Fédération Internationale de l'Automobile (FIA), Max Mosley.
The sport was thrown into chaos last week as eight teams confirmed plans to form a breakaway series, following a row over plans to introduce budget caps for teams.
However, it appears a resolution has been reached and as a result, Mosley has agreed not to stand for re-election as president.
"There will be no split. We have agreed to a reduction of costs," Mr Mosley said.
"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 added: "I will not be up for re-election, now we have peace."
The 69-year-old added the deal still maintains the "financial viability" of the teams which he had been targeting with the initial cap.
The news came after a breakthrough meeting of the World Motor Sport Council in Paris.
The deal was struck between the FIA and the eight FOTA members - Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.
The agreement ends two months of arguments after Mosley announced - after a World Council meeting at the end of April - that a voluntary £40 million budget cap would be imposed from next season.
This resulted in rebellion, with the eight teams threatening to plan a rival series.
(JM/BMcC)
The deal was revealed by the President of the motorsport's governing body, the Fédération Internationale de l'Automobile (FIA), Max Mosley.
The sport was thrown into chaos last week as eight teams confirmed plans to form a breakaway series, following a row over plans to introduce budget caps for teams.
However, it appears a resolution has been reached and as a result, Mosley has agreed not to stand for re-election as president.
"There will be no split. We have agreed to a reduction of costs," Mr Mosley said.
"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 added: "I will not be up for re-election, now we have peace."
The 69-year-old added the deal still maintains the "financial viability" of the teams which he had been targeting with the initial cap.
The news came after a breakthrough meeting of the World Motor Sport Council in Paris.
The deal was struck between the FIA and the eight FOTA members - Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.
The agreement ends two months of arguments after Mosley announced - after a World Council meeting at the end of April - that a voluntary £40 million budget cap would be imposed from next season.
This resulted in rebellion, with the eight teams threatening to plan a rival series.
(JM/BMcC)
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