F1 agreement reached
A breakthrough has been reached between F1's governing body and breakaway teams
All 10 F1 teams will compete in the 2010 Formula One season next year, after air-clearing talks in Paris were held by the sport's governing body. It was thought that McLaren, Ferrari, Brawn, BMW and others would go it alone as budget caps and technical development limitations were threatened. These caps have been dropped and the competing F1 teams have agreed to voluntarily reduce their development budgets.
FIA Max Mosley has agreed not to stand for re-election and will be stepping down from the President’s role in October, which is a u-turn from a statement he previously made.
The Paris negotiations lay to rest two months’ of simmering resentment between competing F1 teams, Max Mosley and the FIA.
