Mosley: Peace agreed in Formula 1

FIA president Max Mosley has said he will not stand for re-election after claiming an agreement has been reached with Formula 1 teams to avoid a breakaway series

According to sources, Mosley, F1 rights holder Bernie Ecclestone and Formula One Teams' Association [FOTA] chairman Luca di Montezemolo held a series of meetings overnight and into this morning, prior to today's World Motor Sport Council meeting in Paris, aimed at resolving the crisis.

As part of the deal, Mosley has agreed not to stand again as president of the governing body, despite earlier this week stating that he felt compelled to do so as long as the threat of a breakaway championship remained.

AUTOSPORT understands that as part of the agreement the teams must call off the breakaway series and sign up to a new Concorde Agreement until 2012.

"There will be no split," said Mosley. "We have agreed to a reduction of costs. There will be one F1 championship but the objective is to get back to the spending levels of the early 1990s within two years."

The FIA is expected to announce the official entry list for the 2010 Formula 1 World Championship later this afternoon.