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F1: Agreement Reached With FOTA Says Mosley
Written by: Adam Cooper   http://www.speedtv.com
06/24/2009
Paris (FRA)
 
FIA President Max Mosley has said that an agreement has been reached with the eight FOTA teams, and the threat of a breakaway series has been averted.
FIA President Max Mosley has now signed the new Concorde Agreement. (Photo: Getty Images) ยป More Photos

The surprise news came after a regular meeting of the World Motor Sport Council today where FOTA chairman Luca di Montezemolo was expected to state his case.

At Silverstone last weekend an agreement in the short term seemed unlikely, but clearly some discussions have gone on over the past two days.

"There will be no split," said Mosley. ‘We have agreed to a reduction of costs. 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 also shot back at critics of the FIA: "It is for the FIA membership, and the FIA membership alone, to decide on its democratically
elected leadership, not the motor industry and still less the individuals the industry employs to run its Formula 1 teams."

While details of any deal have yet to emerge, it seems that Mosley will not stand for re-election in October, having been unclear about his intentions over the past year.

However, even if he steps down as President he can still hold a key post within the organization, so he is unlikely to disappear from view any time soon.

Meanwhile Bernie Ecclestone said that he is "Very happy common sense has prevailed."

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