F 1 Patch Up

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So sorry for F 1 fans.No new F 1 race series next year.

Both the International Automobile Federation(FIA) and Formula One Teams Association(FOTA) have patched up their quarrel over rules and budget cap.

FOTA head,Ferrari President Luca di Montezemoto,has fast reversed back to status quo at a meeting of FIA's World Motor Sports Council yesterday(June 24,2009).

He was supposed to chair a scheduled FOTA meeting in Bologna today to discuss plans for FOTA breakaway series to compete with the current F 1 series.

But it appears the F 1 crisis is just all hot air only.

Both parties have agreed to back down and settle their differences for the sake of "peace" and "stability" in the F 1 world.

This means the earlier plan for two competing F 1 race series is off, alas.

It is now all water under the bridge.

"The basic news is that there will be no split," says FIA out-going president Max Mosley.

"There will be one championship in 2010 which I think is something we all hoped."

Mosley,who had earlier survived repeated calls for his resignation after a sado-masochistic scandal last year by winning a vote of confidence in May 2008,will honour his earlier statement not to seek re-election.

He will step down when his mandate ends in October.

The planned breakaway series next year earlier announced by  FOTA before last weekend's British Grand Prix, is off.

This is because the teams have committed themselves to F 1 until 2012, according to Mosley.

FOTA head Montezemoto,who had earlier objected to the budget cap, says:
"I think the decisions we shared this morning are important.

"We will have the rules of 2009,same rules for everybody.
"It means that we have stability," he adds.

Formula One commercial supremo Bernie Ecclestone,apparently thrilled by the outcome,flashed his trademark Cheshire cat with nine lives smile,relieved he has survived the breakaway of eight of the world's top ten racing teams,says:

"I'm obviously very,very happy that common sense has prevailed which I've always believed it would because the alternative was not good at all.

"I'm also I must say very,very,very happy that the teams have come to their senses to stop spending large amounts of money," he adds.

So whether or not F 1 governance would be more democratic and "transparent" and "lower pricing" and other objectives pursued earlier by FOTA are all now unclear.

The FOTA  eight teams - Ferrari,McLaren,BMW-Sauber,Red Bull,Toyota,Renault,toro Rosso and Brawn - had issued a statement announcing their decision to break away and set up a rival F 1 world championship series last Thursday.

That would have injected new excitement,competition and more "transparent" governance with F 1 fans having a choice to pick whoever runs a better F 1 race series.