FOTA threats to leave Formula1 and  form a breakaway series seem to be working! After the recent meeting in Paris everyone is smiling and all the problems seem to be gone. Oh there is more good news, Max Mosley will step down as FIA president in October and won’t stand for re-election!

So with the this peace agreement all of the 10 teams announced earlier will compete in 2010 season and F1 remains in one piece. Also that mandatory £40million budget cap for next season no longer applies. However teams have agreed to cut their development expenses. As Mosley points out the goal is to get back to the spending levels of the early 1990s.

Congrats Max, for the forced retirement! but now you have more time for your real passion! You know what I’m talking about… 😉