In sensational breaking news Max Mosley has agreed to step down from his role as president of the FIA in order to preserve the future of Formula One.
Speaking after a meeting in Paris with FOTA Mosley said, “I will not be up for re-election now we have peace.
“There will be no split. We have agreed to a reduction of costs,” Mosley confirmed.
“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 will leave his post in October.
More news as it comes to hand.
[Source: TimesOnline, GP Update and The Associated Press | AP Photo/Luca Bruno | Thanks to Tom for the tip]
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