Mosley Will Not Stand for Re-Election, FIA Confirms Peace

Following today's meeting of the World Motor Sport Council in Paris, it has emerged that the FIA and the FOTA have finally come to an agreement over the future of the sport. According to FIA president Max Mosley, peace has been agreed upon by all parties involved.

In addition, the 69-year old Englishman revealed he will not stand for re-election for the FIA presidency. Earlier this week, he had suggested that he will consider running for a new mandate given the unprecedented attack of the FOTA over the very ruling body of Formula One. However, as confirmed minutes ago, we will have a new president of the FIA later this year.

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 1990s within two years,” Mosley was quoted as saying by the media, after walking out of the WMSC meeting this afternoon.

It appears the FIA president has held a series of discussions with Formula One boss Bernie Ecclestone (whose Formula One Management controls the commercial rights of the sport) and FOTA's CEO Luca di Montezemolo overnight and have finally reached an agreement. Ecclestone was quoted as saying "I'm very happy that common sense has prevailed," after the meeting.

Whether the three have found a new solution to cut costs inside the sport rather than the controversial budget cap or that the teams have agreed to a higher cost capping, it was not yet disclosed by Mosley. What's been confirmed is that the teams are to sign a new Concorde Agreement until 2012. More details are to follow in due time, as the FIA is to issue an official statement soon enough.

Under the circumstances, the FIA is set to announce the complete entry list for the 2010 Formula One Championship later today.

Stay tuned for further information...
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