F1 breakaway off as Mosley quits

The civil war that threatened to destroy Formula 1 is apparently at an end after controversial FIA chief Max Mosley agreed not to seek re-election and a compromise was reached between the teams and organising body over cost-cutting measures.

Members of the Formula One Teams Association (FOTA) had announced that they would leave Formula 1 and set up a rival championship after Mosley imposed tough new spending limits for the sport, but their differences were ironed out at a meeting in Paris.

Mosley addressed the 120-strong meeting and afterwards it was confirmed by both sides that there will be an F1 competition in 2010.

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

He added that he would not run for a fifth time as the head of the sport's governing body. "I will not be up for re-election now we have peace," he said.

Bernie Ecclestone, F1's commercial rights holder, commented that he was "very happy common sense has prevailed".

Last week FOTA members Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP all said they were pulling out of F1 after talks over a £40m budget cap finally collapsed. The FIA was set to issue writs against Ferrari and FOTA on Monday, but elected to hold off until the meeting.

WHAT THEY ARE SAYING:

Edward Gorman, the Times: "The reign of Max Mosley as ruler - for that is what he was - of world motorsport and Formula One has come to an end. Like all men who enjoy almost unfettered power, there was always a danger he would over-reach himself and that, in the end, has been the case with Mosley. The FIA president has fought and won battle after battle with the teams in Formula One and he came to believe that he could not be defeated."

Steve Wilson, the Telegraph: "Mosley addressed the FIA’s World Motor Sport Council in Paris this morning on a critical day for the future of Formula One. That meeting appears to have ended with the conclusion that Mosley’s position was a major stumbling block to unity and he has agreed to relinquish power at the end of his current term in office."