Threat of Formula One breakaway series could be over

The storm has been quelled, at least for now, between the eight 'rebel' Formula One teams and the sport's governing body, the FIA. Speaking after a meeting of the World Motorsport Council today, FIA president Max Mosley declared that a resolution had been reached between his organisation and the Formula One Teams' Association (FOTA) in a series of negotiations.

Announcing that he would not stand for re-election when his fourth term as FIA president expires in October, Mosley appears to have put himself forward as a makeweight in an agreement that will see all the current Formula One teams remain in the sport next year.

"There will be no split," declared Mosley. "There will be one Formula One championship but the objective is to get back to the spending levels of the early 90s within two years."

Writs that had been threatened against Ferrari and the other FOTA teams - McLaren, BMW Sauber, Renault, Toyota, Red Bull Racing, Toro Rosso and Brawn GP - will now, in all likelihood, be withdrawn.

When put on the spot at the British Grand Prix over the weekend, Mosley refused to accept that his continued presidency was a motivating factor in the teams' decision to quit Formula One. Privately, it now seems, Mosley knew it was at the nub of the issue. "I will not be up for re-election," he said today. "Now we have peace."

The development follows reports that international agency IMG had been approached to manage the rebel series.

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