Originally Posted by BBC Sport

An agreement has been reached between Formula 1's governing body and the teams to prevent a breakaway series, says FIA president Max Mosley.

The two parties had been engulfed 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, Mosley has agreed not to stand for re-election as president.

"There will be no split. We have agreed to a reduction of costs," added Mosley.

"There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years."

F1 surpremo Bernie Ecclestone added that he is "very happy common sense has prevailed", following a meeting of 120 members of the FIA in Paris aimed at resolving the crisis.

Originally Posted by Sky Sports

FOTA teams stage walkout


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Fresh doubts have been cast upon the recent deal between FOTA teams and the FIA to stave off the threat of a breakaway series after the former walked out of a meeting to discuss and agree rule changes for the 2010 world championship.

All parties sat down at the Nurburgring - venue for this weekend's German Grand Prix - with the invitees including the three new teams recently granted entry to next year's grid as well as Williams and Force India - the only two current teams not to belong to the manufacturer-backed FOTA group.

The Formula One Teams' Association had threatened to form their own breakaway championship in protest at plans by FIA president Max Mosley to introduce a £40 million budget cap next year.

The threat of a breakaway appeared to have subsided late last month when FOTA agreed a deal with the FIA to reduce costs equivalent to those seen in the early 1990s within two years, as well as to offer technical assistance to new teams at a more affordable price.

Wednesday's meeting of the FIA Technical Working Group was supposed to give all teams the opportunity to discuss and agree on rule changes for next year as well as to sign a legally binding agreement to reduce costs.

However, progress was halted after the FOTA teams - Ferrari, McLaren Mercedes, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP - suddenly walked out.

According to an FIA statement: "The eight FOTA teams were invited to attend the meeting to discuss their further proposals for 2010. Unfortunately no discussion was possible because FOTA walked out of the meeting."

Mosley, whose style of leadership has been as controversial as his plans for a budget cap, had agreed not to seek another term of office when the FIA reached its initial agreement with FOTA.

However, he subsequently said he would reconsider his decision after FOTA president Luca di Montezemolo refused to apologise for comments made that compared Mosley to a 'dictator'.