The FIA and FOTA reach an agreement!

The President of the FIA, Max Mosley, stated that he had reached an agreement with FOTA in the disputes that have opposed the two parties in recent weeks.

F1 with Bernie Ecclestone, the FIA with Max Mosley, and the FOTA with Luca Di Montezemolo met this morning in Paris to negotiate the future of Formula 1 and manage the disagreements between Max Mosley’s plans and those of the Teams’ Federation (FOTA).

“There will be no split,” said Mosley. “We have agreed on a cost reduction. There will be a F1 championship, and the goal is to return to the spending levels of the early 1990s. We must achieve this goal within the next two seasons.”

The championship should therefore remain the same as in 2009.

Max Mosley also announced that he would not seek re-election for the position of FIA President. He had warned that if an agreement was reached, he would not run again. He confirmed this today and will not be a candidate for the President’s position next October.

The FIA is expected to unveil an official list of teams entered for the 2010 championship in the afternoon.