Mosley to go as F1 breakaway threat ended

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As a result, FIA president Max Mosley has confirmed he will not now stand for re-election when his fourth term ends in October.

The news follows a breakthrough meeting of the World Motor Sport Council in Paris, and a cost-cutting deal being struck between the FIA and the eight members of FOTA - Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.

Confirming the compromise, Mosley said: "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."

With regard to his own position, Mosley added: "I will not be up for re-election, now we have peace."

The agreement ends two months of wrangling since Mosley announced after a World Council meeting at the end of April that a voluntary £40million budget cap would be imposed from next season.

That prompted a rebellion, with the eight teams announcing on Thursday night they would be planning a rival series.

Following today's meeting, F1 surpremo Bernie Ecclestone commented that he was "very happy common sense has prevailed".

It is apparent a trade-off has unfolded - with the current teams now due to be on the F1 grid for 2010, and without Mosley as ruler.