Max Mosley will step down as FIA president later this year, as formula one's political crisis involving eight rebel teams' threat to set up a breakaway championship ended on Wednesday. Hopes that the Paris meeting of the World Motor Sport Council would be the scene for a resolution were proven correct, after 69-year-old Mosley emerged and told reporters "there will be no split".

"We have agreed to a reduction of costs," said the FIA president, following a lengthy dispute about his proposed budget cap, governance style, and ultimately his very presence at the head of the sport's ruling authority. "There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years," he said on Wednesday.

As for his earlier claim that he will not be deciding to step aside in the midst of a crisis, he added: "I will not be up for re-election now we have peace."

F1 chief executive Bernie Ecclestone was also in Paris and said he was "very happy that common sense has prevailed".