A few days back, when FOTA announced a breakaway series, F1 appeared as good as dead. And with the biggest teams going out, it was only natural that the money would follow them. It was only natural that those with a stake in the sport do something about it, and it looks like peace has finally been attained. Max Mosley will step down from his post of FIA president in October, and it appears that most of the plans he put forward, and those that led to the current situation have been effectively scrapped.
Mosley’s proposed budget cap has gone into the bin, but the teams have agreed to reduce costs radically, culminating into a much smaller budget for 2011. The teams have also signed a Concorde Agreement valid till the end of 2012, whereas Mosley wanted them to commit till 2014.
Via: WCF
