Following a series of meetings held ahead of today’s World Motor Sport Council meeting in Paris, it has been announced that a compromise has been reached between the FOTA teams and the FIA. The deal will see FOTA’s proposals of cutting costs implemented, which appears to have the blessing of the new entrants as well. Also, Max Mosley has stated that he will not run for re-election when his fourth term as FIA president comes to an end later this year.
The apparent resolution of this crisis means that the planned breakaway series will no longer happen and the eight FOTA teams have been confirmed as entrants to the 2010 FIA Formula One World Championship. Ferrari, McLaren, Brawn, Renault, Toyota, Red Bull Racing, Scuderia Toro Rosso and BMW will compete alongside Williams and Force India, as well as newcomers Campos, Manor and USF1.
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. FIA Press Release.
The teams must also sign up to the new Concorde Agreement which will help ensure the sport’s future until 2012 with the current squads.
Earlier in the week Max Mosley had been adament about standing again later this year, saying that it doesn’t matter if he remained or left, as his successor would behave in a similar fashion as the role of the president is to ensure the matters of the FIA are looked after. However, the teams have made it known that they are unhappy about the way Mosley has governed Formula One, and it would seem that this, along with the acceptance of their cost-cutting proposals, has eased the tension and allowed the issues to be resolved.