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An agreement has been reached between Formula 1′s governing body and the teams to prevent a breakaway series, says FIA president Max Mosley. The two parties had been engulfed in a bitter row over planned budgetary and technical changes for the 2010 season.

But it appears a resolution has now been found and, as part of the deal, Mosley has agreed not to stand for re-election as president. For their part, the F1 teams have agreed to bring costs back to the level of the early 1990′s and also to help the 3 new entrants Campos, US F1 and Manor with engines and chassis.

The news follows a breakthrough meeting of the World Motor Sport Council in Paris, and a cost-cutting deal being struck between the FIA and the eight members of FOTA – Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.

3 March – Buenos Aires, Argentina (last F1 race: 1998)
21 March – Mexico City, Mexico (last F1 race: 1992)
11 April – Jerez, Spain (last F1 race: 1997)
25 April – Portimao, Portugal
2 May – Imola, Italy (last F1 race: 2006)
23 May – Monte Carlo, Monaco
6 June – Montreal, Canada (last F1 race: 2008)
13 June – Indianapolis, United States (last F1 race: 2007)
1 July – Silverstone, United Kingdom
25 July – Magny-Cours, France (last F1 race: 2008)
15 August – Laustizring, Germany
29 August – Helsinki, Finland
12 September – Monza, Italy
26 September – Abu Dhabi, United Arab Emirates
10 October – Marina Bay, Singapore
24 October – Suzuka, Japan
8 November – Adelaide (last F1 race: 1995) or Surfers’ Paradise, Australia

Sky has been made 11/8 favourites to secure the TV rights to FOTA’s proposed breakaway Formula 1 championship.

Ladbrokes have ITV at 9/4, the BBC at 11/4 and Five on the outside at 6/1.

The Formula One Teams Association, comprised of Williams, Sauber, Brawn, Force India, Renault, Red Bull, Ferrari, Toro Rosso, Toyota and McLaren, said last night that they intend to set up a rival championship for 2010 because of a row over the FIA’s proposed budget cap and governance of the sport.

“Sky have demonstrated in the past their willingness to snap up breakaway competitions,” said Ladbrokes spokesperson Nick Weinberg.

Late Thursday night FOTA issued a statement on behalf of its members (BMW-Sauber, Brawn, Ferrari, McLaren-Mercedes, Red Bull Racing, Renault and Toro Rosso and Toyota) that it is starting preparations to form a new series.

The statement follows:

“Since the formation of FOTA last September the teams have worked together and sought to engage the FIA and commercial rights holder, to develop and improve the sport.”

“Unprecedented worldwide financial turmoil has inevitably placed great challenges before the F1 community. FOTA is proud that it has achieved the most substantial measures to reduce costs in the history of our sport.”

“In particular the manufacturer teams have provided assistance to the independent teams, a number of which would probably not be in the sport today without the FOTA initiatives. The FOTA teams have further agreed upon a substantial voluntary cost reduction that provides a sustainable model for the future.”

“Following these efforts all the teams have confirmed to the FIA and the commercial rights holder that they are willing to commit until the end of 2012.”

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