Ferrari has hailed Wednesday’s breakthrough agreement with the FIA as a victory for the Formula One Teams’ Association and the realisation of its purpose.
The eight FOTA teams have abandoned plans to break away from Formula 1 and start their own rival championship after the governing body made major concessions at the World Motor Sport Council meeting in Paris.
FIA president Max Mosley – the focal point of FOTA’s ire – has agreed to stand down when his current term ends in October, and also to drop his controversial £40m budget cap in favour of FOTA-influenced cost-cutting measures.
Mosley suggested following Wednesday’s meeting that he had achieved his key aims of cutting costs and attracting new teams to F1, but Ferrari presented the outcome as an unqualified victory for FOTA.
“Today the FIA World Council accepted the proposals formulated by FOTA for the 2010 Formula 1 World Championship,” Ferrari declared in a statement on its official website.
“A Championship which will be held, as suggested by FOTA, in the spirit of sporting and technological competition, with clear and fixed rules and transparent governance, handled by the F1 Commission.
“The objective is to avoid continual changes decided on by one person alone and to gradually reduce costs, to get back to levels of spending similar to those of the early Nineties within the next two years.
“The FOTA teams constantly promoted these objectives in the interests of motorsport and all its protagonists, first and foremost the fans.”
Details of the governance reforms that have been agreed remain opaque, but the FIA indicated that changes would be made as part of an amended Concorde Agreement – while emphasising that the manufacturer teams had agreed to recognise “the permanent and continuing role of the FIA as the sport’s governing body
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