Formula One news

FIA/FOTA compromise ends breakaway threat

FIA president Max Mosley has confirmed from Paris that there will be a unified Formula One World Championship next season after the governing body managed to complete a cost-cutting deal with the eight FOTA (Formula One Teams Association) teams which threatened to form a rival series next season.

After the teams in question (all current entrants bar Williams and Force India) announced a breakaway series last Friday, the two parties met at FIA headquarters on Wednesday for looked to be the final discussions regarding the matter.

With the FIA having previously resisted an objection to a budget cap and FOTA stressing that annual costs could not be cut to €45m, an announcement on Wednesday has brought an end to the issue, which threatened to divide the sport. "There will be no split," Mosley confirmed, also adding that he will not be standing for re-election at the end of his current term.

"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 90's within two years."

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