News Update:
Mosley agrees not to stand for re-election as FIA president as F1 row comes to an end
FIA president Max Mosley has announced that Formula 1's governing body have reached an agreement with the teams who where planning to create a breakaway series.
Mosley made the announcement on Wednesday, seemingly ending the row over planned budget restrictions and technical changes for the 2010 season.
As part of the deal, Mosley has agreed not to stand for re-election as president.
"There will be no split. We have agreed to a reduction of costs," said Mosley.
"There will be one F1 championship (but) but the objective is to get back to the spending levels of the early '90s within two years."
F1 supremo Bernie Ecclestone added that he is "very happy common sense has prevailed."
The duo's comments came after meeting of FIA members in Paris aimed at resolving the crisis.
Writs that had earlier been threatened against Ferrari and other FOTA teams - McLaren, BMW Sauber, Renault, Toyota, Red Bull Racing, Toro Rosso and Brawn GP - are now likely to be shelved.
