Formula One Racing Averts a Split

Formula One bosses arrive for a crucial meeting in Paris.

Motor racing has been stuck in the pits in recent weeks after several top teams threatened to form a breakaway series.

They were unhappy with FIA Chairman Max Mosley’s plans to introduce a budget cap.

He’s now given in to their demands.

[Max Mosley, 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 for. We have reached agreement on a number of items; in particular we have reached agreement on reduction of costs… and the objective is to get back to early 1990s levels within two years. And if we achieve that, then the financial viability of the teams is assured.“

The breakaway group FOTA, the Formula One Teams Association, includes McLaren — which took Lewis Hamilton to victory last year.

Ferrari and this year’s leaders Brawn are also among the rebels.

After the new deal was announced Mosley said he would be retiring from F1 later this year.

Last year he defied calls for his resignation over a sado-masochistic sex scandal.

[Max Mosley, FIA President]:
„I will now be able to look at Formula 1 knowing that it is 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 have got peace.“

It’s also hoped the reintroduction of a concorde between the teams and the sport’s governing body will provide a mechanism to deal with any future problems.

Now the crisis has been averted Formula One fans can look forward to the racing not the rhetoric.

(NTDTV)