Despite all the talk from FOTA that there was no point to continue talks with the FIA and the breakaway series was set,following a meeting with the Wold Motorsport Council earlier today,it emerged that FOTA and FIA have come to an agreement which will have all 8 rebel teams remain a part of Formula 1. Following intense pressure from WMSC,FOTA,and CVC (who own the commercial rights to Formula 1) to broker a resolution,Max Mosley,President of FIA,caved in to nearly all demands FOTA had places. While initially adamant with the budget and two-tier setup,and requiring written consent from all teams to sign on until 2014,early reports of the agreement show that the FOTA-teams will be signed on until 2012,and all the new regulations for 2010 have been ripped up,and the existing rules will be carried forward. There will be costing cutting efforts to lower costs to that of the early 1990s level,but it doesn’t seem like that there will be a strict budget cap as proposed earlier. Furthermore,President of the FIA Senate and Head of the Monaco Automobile Club Michel Boeri will start handling all relationships between the teams and FIA. Effectively Max is going to be in a figurehead role until August when he will not be running for re-election as President of FIA. Oh how the mighty have fallen…(Found on F1-Live)