Max Mosley is stepping down from his role as FIA president after reaching a deal to stop eight rebel Formula One teams forming a breakaway series
A breakaway Formula One series was averted overnight when Max Mosley ceded to the rebel teams' demand that a planned budget cap be scrapped and the FIA president said he would not now stand for re-election.
Mosley will take a backseat role until his 16-year reign ends in October.
"There will be no split. There will be one F1 championship in 2010," Mosley said at FIA's Paris headquarters.
"They've got the rules they want and they've got the stability. We've got the new teams and we've got the cost reduction."
Mosley's climbdown at the World Motorsport Council on the voluntary £40 million ($102.7 million) budget cap saw teams instead given a loose order to reduce costs to early 1990s' levels.
FOTA's members - Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP - opposed the budget cap because it would have given those who signed up greater technical freedom than those who refused, creating a two-tier championship from next season.
"We're very happy that common sense has prevailed as I always believed it would because the alternative was not good at all," said Bernie Ecclestone, F1's commercial rights holder. "Everything is in good shape."
Mosley has been the president of the FIA since 1993. FIA Senate president Michel Boeri will effectively be in charge until the election.