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"FIA president Max Mosley has said he will not stand for re-election after claiming an agreement has been reached with Formula 1 teams to avoid a breakaway series."

"There will be no split," said Mosley. "We have agreed to a reduction of costs. There will be one F1 championship but the objective is to get back to the spending levels of the early 1990s within two years."

Well thank %$#* for that, common sense prevails.

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