Buzzin F1 – Formula One Blog

FIA

It appears that a deal has today been reached amid the crisis surrounding the break-away threat of the Formula One Championship series.

Max Mosley told a news conference today;

“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.

We’ve reached an 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.

Now the manufacturers, that’s to say FOTA, have committed commercially until 2012… as far as the FIA is concerned the commitment is indefinite.”

The World Motor Sport Council meeting took place this morning in Paris with Mosley confirming that he will be stepping down from his post of President in October when his mandate ends.  Mosley said;

“I will now be able to look at Formula One knowing it’s peaceful and stable and be able to stop, as was always my intention, in October of this year so I won’t present myself for re-election now that we’ve got peace.”

Bernie Ecclestone said after the meeting;

“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.”

The FIA statement stated that;

“There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009.

As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s.  The manufacturer teams have agreed to assist new entries for 2010 by providing technical assistance.

The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport’s governing body.  They have also committed to the commercial agreement to renegotiate and extend the contract before the end of that period.

All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement.”

The official entry list for the 2010 Formula One Championship has now been released which includes the three new teams that have signed to race year, they are the Campos Meta Team, Manor Grand Prix and Team US F1.