Formula 1 Teams, FIA Seek a (Temporary) Truce

After the surprising schism announced last week, it seems as if the relationship between the Formula One Teams Association (FOTA) and F1 management is on the mend.

All parties convened today at the World Motor Sport Council held in Paris, and following discussions, it seems as if the salary cap proposed by FIA president Max Mosley is all but dead. Instead, F1 Live reports the eight teams have signed a revised version of the Concorde Agreement — the contractual agreement between the FIA, F1 management, and FOTA — that will last through the end of the 2012 season.

That’s not to say all cost-cutting measures are finished.

“There will be no split,” Mosley said. “We have agreed to a reduction of costs. There will be one F1 championship, bt the objective is to get back to the spending levels of the early ‘90s within two years.”

We hear the 2010 rule book is being “torn up” and rewritten to reduce the cost for each team. We’ve yet to see a firm example of how these measures will affect next season’s grid.

Finished, however, is Mosley’s career as FIA president. As part of the negotiation, the beleaguered director has agreed to resign from his position come October.

Source: F1-Live, Times Online