PLANS for some of Formula One's longest-standing teams to form a rival, breakaway series, appear to have been shelved.
Following a meeting of the sport's governing body, the FIA, in Paris today (24), the two month row over proposed £40 million annual budget cap drew to a close with president Max Mosley stating: "There will be no split."
Mosley revealed that a deal had been brokered which see the teams make efforts to cut spending to levels last experienced in the 1990's.
Another condition of the agreement seems to be that Mosley does not run for re-election as President of the FIA in October.
Emerging from today's meeting, he told the BBC: "It is for the FIA membership, and the FIA membership alone, to decide on its democratically elected leadership, not the motor industry and still less the individuals the industry employs to run its Formula 1 teams."
But Mosley added: "I will not be up for re-election, now we have peace."
F1 surpremo Bernie Ecclestone said that he is "very happy common sense has prevailed."