Mosley says deal reached for unified F1 championship, won’t seek re-election as FIA president

Mosley: Deal reached for unified F1 championship

PARIS — FIA president Max Mosley says there will be a unified Formula One championship in 2010 after reaching a cost-cutting deal with the eight teams which threatened to form a rival series.

As a result of Wednesday’s deal in Paris, Mosley says: “I will not be up for re-election now we have peace.”

Mosley had announced over the weekend that he was seriously considering running for a fifth term as head of F1’s governing body.

Eight teams — Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP — had announced they were pulling out of F1 last Friday after talks broke down over the introduction of a voluntary $65 million budget cap that would have taken effect next season.