The International Automobile Federation (FIA) and the Association of Teams in Formula 1 (Fota) met in Paris on Wednesday and reached an agreement that will ensure the permanence of class in the way it is today.

Pivot of the crisis, the president of the FIA, Max Mosley, has announced that it has reached an agreement on cutting costs with Fota to prevent the split between the teams and Formula 1. The teams had even released a timetable for an alternative category in 2010.

President of the FIA since 1993, Mosley gave the plans perpetuate itself in control and changed the discourse. “Now we have peace,” said Mosley, in announcing the withdrawal of his plans for re-election. Until the unveiling of plans for a parallel Formula 1, the manager were willing to defend the new budget for the teams, cause of the deadlock.

The announcement of a timetable parallel happened one day before the agreement, which until then seemed remote. While Mosley reiterated the importance of planning and budget ceiling (this was part of his plan to re-elect himself). However, the teams, led by the chairman of Ferrari, Luca di Montezemolo, did not agree with the new proposed rules.

The final agreement between the parties began to be outlined before the meeting this Wednesday in Paris. The holder of the commercial rights of Formula 1, Bernie Ecclestone, had already met at Tuesday night with Mosley Montezemolo and to begin to resolve the crisis.

Via: Autosport.