Following overnight meetings between Max Mosley, Bernie Ecclestone and FOTA chairman Luca di Montezemolo Max Mosley announced an agreement between FIA and FOTA.
Mosley has agreed not to run again for the president of FIA. The teams will call off the breakaway championship and sign up to a new Concorde Agreement until 2012.
“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.”
Later today the FIA is expected to announce the official entry list for the 2010 F1 World Championship.
We can expect more details to follow.