President Mosley to go, Formula 1 to stay

President of motor sport's governing body FIA's Max Mosley has confirmed he will now not stand for re-election when his fourth term ends in October

President of motor sport's governing body FIA's Max Mosley has confirmed he will now not stand for re-election when his fourth term ends in October after the threat of a Formula One breakaway series was averted yesterday following an agreement reached FIA and the Formula One Teams' Association (FOTA).

The news follows a meeting of the World Motor Sport Council in Paris, and a cost-cutting deal being struck between the FIA and the eight-memberu00a0 FOTA Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.

Confirming the compromise, Mosley said: "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 '90s within two years."

About his own position, Mosley said: "I won't be up for re-election, now we have peace."

F1 supremo Bernie Ecclestone said he was "very happy common sense has prevailed."

"Exciting news! Mid-day is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest news!" Click here!