Breaking news: Formula One steps back from the brink

June 24, 2009

A deal has been reached with Formula One teams to avoid a breakaway series next year, media reported FIA president Max Mosley as saying on Wednesday.

Mosley and eight teams had been at loggerheads over his plans to introduce a budget cap for 2010.

Mosley also said he would not stand for re-election as FIA president.

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