FIA/FOTA War Over As Agreement Made At Last Minute
An agreement between the FIA and FOTA has been made at the last moment in an emergency meeting called in Paris today.
With all FOTA member teams present, along with members of the FIA, including the contraversial Max Mosley who also said today he will not stand for another term as president, a deal was reached for a single racing series – F1. FOTA will now not breakaway from the standard formulae.
The concorde agreement of 1998 will be continued, along with new rules which agree to cost cutting over the next few seasons. Technical assistance will also be offered to the three new teams allowed into F1, USF1, Campos and Manor.
“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 1990s within two years.”
“They’ve got the rules they want and the stability; we’ve got the new teams in and the cost reduction…so that’s very helpful.”
Mosley added “As far as I’m concerned, the teams were always going to get rid of me in October. Well they still are.”
The official statement from the FIA read;
“The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport’s governing body. They have also committed to the commercial arrangements for the FIA Formula 1 World Championship until 2012 and have agreed to renegotiate and extend this contract before the end of that period.
“All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement.
“As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s.
“The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance.”