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No break-away series for F1


Trev-the-Rev

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A deal was reached yesterday to avoid a breakaway series and reduce the costs of Formula One teams.

 

FIA (Fédération Internationale de l'Automobile) president Max Mosley had been at loggerheads with eight teams who refused to take on a budget cap for the 2010 season.

 

However cost cuts have now been agreed and three new teams – Campos, USF1 and Manor – are scheduled to join next season, with Mosley not seeking re-election as FIA president.

 

“The basic news is that there will be no split. There will be one championship in 2010 which is I think something we all hoped,†Mosley told a news conference following an FIA World Motor Sport Council meeting.

 

“We've reached agreement on a number of items. In particular we've reached agreement on reduction of costs. We've had significant help from the teams. The objective is to get back to early 1990s levels within two years.â€

 

Formula One Management president Bernie Ecclestone added: “I'm obviously very, very happy that common sense has prevailed which I've always believed it would because the alternative was not good at all. I'm also I must say very, very, very happy that the teams have come to their senses to stop spending large amounts of money.â€

 

Luca di Montezemolo, Ferrari president and head of the Formula One Teams' Association (FOTA), said the 2009 rules will stand next season but talks have brought stability to the sport.

 

 

Good news that its been settled, even better that Mosley is not running for President next year :yahoo:

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