Formula One Teams' Association vice chairman John Howett is delighted that the FIA has adopted his organisation's proposals for the sport, averting the threat of a breakaway series.
Howett, president of the Toyota team, has been a major player in the negotiations between FOTA and the FIA and is upbeat about F1's future.
"I am pleased that FOTA's proposals have been endorsed and approved by the WMSC today," said Howett. "This will ensure that we move forward on the basis of stable, proper governance and this will ensure an outcome which is very good news for all of F1's many stakeholders.
"This has been a challenging period but thanks to the unity of the FOTA teams and the foresight of the World Motor Sport Council members, we have achieved the right result for F1.
"We look forward to working with the FIA Senate to achieve a prosperous and exciting future for F1 and its millions of fans around the world."
FOTA will meet tomorrow in Bologna to finalise the framework for the cost reduction regulations that will be introduced in 2010.