Peace breaks out at Formula 1

FORMULA 1: Threat of breakaway series of races recedes as teams reach agreement with governing body. (Getty Images)

Areement has been reached between Formula 1's governing body and those teams threatening to launch a breakaway series of races.

The two parties had been embroiled in a bitter row over planned budgetary and technical changes for the 2010 season.

But it appears a resolution has now been found and, as part of the deal, Max Mosley has agreed not to stand for re-election as president of the FIA.

"There will be no split; there will be one F1 championship. We have agreed to a reduction of costs," said Mosley.

"The objective is to get back to the spending levels of the early 90s within two years."

In a statement, following a meeting in Paris of 120 of its members, the FIA said: ''There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009.

''As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s. The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance.''

It added that the manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport’s governing body and have also committed to the commercial arrangements for the FIA Formula One World Championship until 2012.

They have also agreed to renegotiate and extend this contract before the end of that period.

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