26 June 2009

Warring F1 teams agree to drop breakaway series

PARIS ââ¬' The BBC is reporting that an agreement has been reached between Formula 1's governing body and the race teams to prevent a breakaway series.

A breakaway series was seen as a threat to current F1 races, including the Singapore Grand Prix ââ¬' a night race - and the F1 races in Kuala Lumpur, Melbourne and Abu Dhabi.

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, the BBC said, and, as part of the deal, Max Mosley has agreed not to stand for re-election as president of the industry body, 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."
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