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Breaking News: FIA-FOTA Accord Reached
By Ernesto Nigro
June 24 2009
The FIA have reached an agreement with the FOTA to stop plans for a breakaway series.

For those of you that have not been following the on-going saga, plans to impose different restrictions on teams accepting a budget cap had infuriated several F1 teams, and with no resolution in sight FOTA had initiated plans to put together a rival motorsports series.

Max Mosley has emerged from crisis talk meetings today and now claimed that a deal has been reached during talks in Paris between the FIA and FOTA.

This agreement is said to prevent the much anticipated breakaway series.

"There will be no split. 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

One of the terms of the agreement is reportedly that the FIA president will not stand for re-election. this is something Mosley has defiantly spoken publicly about and swoare not to be pushed out of his President role. He confirmed after talks today that indeed, he will not seek a further term.

"I will not be up for re-election now we have peace," -Mosley.

F1's commerical rights holder Bernie Ecclestone was delighted that the crisis had finally come to an end. Bernie and FOM stood to lose billions in revenue if the FOTA breakaway series was realized.

"I'm very happy that common sense has prevailed," - Ecclestone

More to follow...

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