Mosley agreed to the Formula One Teams Association’s demand to scrap a voluntary $65 million budget cap for next season.
Instead, a watered-down agreement over cost-cutting was approved by the FOTA members — Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.
Click Here For More Formula 1 Photos
“There will be no split. We have agreed to a reduction of costs,” 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.”
Mosley said the deal still maintains the “financial viability” of teams that he had been targeting with the initial cap. As part of the agreement, existing teams must help new outfits with their engines and chassis. The Associated Press
Mosley did not divulge any details on the agreement, but declared: “There will be one F1 championship but the objective is to get back to the spending levels of the early 1990s within two years.”
It is understood that the FIA will publish its definite list of entrants in the 2010 championship later today.
The Briton, who claimed to be strongly considering a new mandate as FIA President because he believes the FOTA alliance actively sought to attack his authority, today announced that he will not seek another term as FIA President this autumn.
“I will not be up for re-election now we have peace,” he said. Yahoo! Eurosports
Click Here For More Formula 1 Photos
The row between the FIA and the F1 Teams’ Association (FOTA), representing the eight teams, had been over Mosley’s proposed £40m voluntary budget cap for each of the constructors.
Instead, a watered down deal over cost-cutting was reached by both sides for next season.
A meeting of the FIA’s World Motor Sport Council had taken place in the French capital while FOTA had been due to meet in Bologna on Thursday to discuss their plans for a breakaway. Sky News
| 
|