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If you read our F1 post from several days ago, the world known as Formula One was on the brink of becoming CART Wars, PART II. A majority of the teams who race in the international F1 Championship were prepared (so they said), to launch a breakaway series, due in large part to their dissatisfaction with the requirements set forth by the governing body and its president, Max Mosely.

Today, peace broke out in Formula One. The rebel teams leader, Luca di Montezemolo, who is also the president of Ferrari, along with other FOTA members met with Max Mosely, who operates the FIA to either split or push F1 back into the limelight. Following the meeting, the FIA issues the following statement:
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The World Motor Sport Council met in Paris on 24 June 2009. The following decisions were taken:
FORMULA ONE WORLD CHAMPIONSHIP
All currently competing teams have committed to the FIA Formula One World Championship.
There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009.
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.
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 One 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.
The following teams have been accepted for the 2010 FIA Formula One World Championship.
TEAM

• SCUDERIA FERRARI MARLBORO
• VODAFONE McLAREN MERCEDES
• BMW SAUBER F1 TEAM
• RENAULT F1 TEAM
• PANASONIC TOYOTA RACING
• SCUDERIA TORO ROSSO
• RED BULL RACING
• AT&T WILLIAMS
• FORCE INDIA F1 TEAM
• BRAWN GP FORMULA ONE TEAM
• CAMPOS META TEAM
• MANOR GRAND PRIX
• TEAM US F1

In view of this new agreement and with the prospect of a stable future for Formula One, FIA President Max Mosley has confirmed his decision not to stand for re-election in October this year.