Max Mosley says an agreement has been reached with the Formula One Teams Association and that the threat of a breakaway series has been averted.
The surprise news came after a meeting of the World Motor Sport Council on Wednesday, 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 took place 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."
Mosley 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 One teams."
Bernie Ecclestone said he is "very happy common sense has prevailed."
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.
Agreement reached with Formula One Teams Association, Mosley says: AutoWeek Magazine
xoxoxoo
