ALERT: Formula One agreement reached, Mosley says

HOME   |   LATEST NEWS   |   VEHICLE REVIEWS   |   RACING   |   SUBSCRIBE   |   CLASSIFIEDS Wednesday, June 24, 2009 Max Mosley likely won't stand for re-election as FIA president. (LAT PHOTOGRAPHIC) Formula One agreement reached, Mosley says By Adam Cooper | 06/24/09, 8:50 am et Max Mosley says an agreement has been reached with the Formula One Teams Association and that the threat of a breakaway series has been averted. The surprise news came after a meeting of the World Motor Sport Council on Wednesday, where FOTA chairman Luca di Montezemolo was expected to state his case. At Silverstone last weekend, an agreement in the short term seemed unlikely, but clearly some discussions took place over the past two days. "There will be no split," said Mosley. "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." Mosley also shot back at critics of the FIA: "It is for the FIA membership, and the FIA membership alone, to decide on its... CLICK HERE TO UNSUBSCRIBE from the AutoWeek Daily Drive E-mail or to sign up for other AutoWeek e-mail products. IMPORTANT: Please add AutoWeek.com to your E-mail Address Book to ensure you will continue to receive our newsletters. Please DO NOT reply to this e-mail. You will not receive a reply if you use this e-mail address. Crain Communications, 1155 Gratiot Ave. Detroit, MI 48207.