F1 breakaway series averted, Mosley to step down

UPDATE (GMM) Max Mosley will step down as FIA president later this year, as formula one's political crisis involving eight rebel teams' threat to set up a breakaway championship ended on Wednesday.

Hopes that the Paris meeting of the World Motor Sport Council would be the scene for a resolution were proved right, after 69-year-old Mosley emerged and told reporters "there will be no split".

"We have agreed to a reduction of costs," said the FIA president, following a lengthy dispute about his proposed budget cap, governance style, and ultimately his very presence at the head of the sport's ruling authority.

"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 said on Wednesday.

As for his earlier claim that he will not be deciding to step aside in the midst of a crisis, he added: "I will not be up for re-election now we have peace."

F1 chief executive Bernie Ecclestone was also in Paris and said he was "very happy that common sense has prevailed".

06/24/09 Formula One's world governing body the FIA and the F1 teams association FOTA agreed Wednesday there will be no parallel championship next season following talks in Paris to ward off a threatened breakaway. The accord followed a meeting of 120 members of the FIA and came in the wake of weeks of bitter rowing between the two bodies which centered on proposed tough spending limits from next season.

Ahead of the meeting, FIA president Max Mosley had insisted that he would not step down as part of the price of any potential agreement and might seek re-election as head of world motor sport.

The 69-year-old Briton has been under pressure amid the disagreements emanating from the proposed swinging budget cuts.

The Paris meeting was a clear-the-air opportunity for member clubs to hear from F1 teams about their plan to break away from the FIA and set up a rival series, a proposal which had led the FIA to prepare a legal claim against FOTA.

Writs against Ferrari and FOTA – which also includes McLaren, BMW Sauber, Renault, Toyota, Red Bull Racing, Toro Rosso and Brawn GP – had been due to be served on Monday, but the FIA held back pending Wednesday's meeting. Yahoo! Sports