Formula 1 News

Mosley: FIA and FOTA reach agreement 

Max Mosley will not stand for re-election in October.

According to reports, following this morning’s World Motorsport Council meeting in Paris, FIA President Max Mosley and the FOTA teams have reached an agreement to avoid a breakaway series.

It’s believed that Mosley has agreed not to stand for re-election for the FIA Presidency next October.

“There will be no split,” Mosley was quoted as saying. “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 1990s within two years.”

The following decisions were taken today in Paris:

All currently competing teams have committed to the FIA Formula One World Championship.

There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009.

As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s. The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance.

The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport’s governing body. They have also committed to the commercial arrangements for the FIA Formula One World Championship until 2012 and have agreed to renegotiate and extend this contract before the end of that period.

All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement.

The following teams have been accepted for the 2010 FIA Formula One World Championship.

SCUDERIA FERRARI MARLBORO
VODAFONE McLAREN MERCEDES
BMW SAUBER F1 TEAM
RENAULT F1 TEAM
PANASONIC TOYOTA RACING
SCUDERIA TORO ROSSO
RED BULL RACING
AT&T WILLIAMS
FORCE INDIA F1 TEAM
BRAWN GP FORMULA ONE TEAM
CAMPOS META TEAM
MANOR GRAND PRIX
TEAM US F1

In view of this new agreement and with the prospect of a stable future for Formula One, FIA President Max Mosley has confirmed his decision not to stand for re-election in October this year.