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post #1 of 6 (permalink) Old 06-24-2009, 08:37 AM Thread Starter
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Max Mosley to step down

Mosley to step down after deal to prevent F1 split - Yahoo! Finance

Mosley to step down after deal to prevent F1 split
Mosley says deal reached over unified F1 championship, won't seek re-election as FIA president

* By Jamey Keaten, Associated Press Writer
* On Wednesday June 24, 2009, 10:10 am EDT

PARIS (AP) -- FIA president Max Mosley reached a deal Wednesday to stop eight rebel Formula One teams from forming a breakaway series but now will not seek re-election.

Mosley agreed to the Formula One Teams Association's demand to scrap a voluntary $65 million budget cap for next season.

Instead, a watered-down agreement over cost-cutting was approved by the FOTA members -- Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.

"There will be no split. We have agreed to a reduction of costs," Mosley said. "There will be one F1 championship, but the objective is to get back to the spending levels of the early '90s within two years."

Mosley said the deal still maintains the "financial viability" of teams that he had been targeting with the initial cap. As part of the agreement, existing teams must help new outfits with their engines and chassis.

Mosley has been the president of the FIA, the international automobile federation that governs Formula One, since 1993. His leadership style has been criticized as too autocratic, and many of the teams blamed him for precipitating the split between FOTA and the FIA. Still, Mosley announced over the weekend that he was seriously considering running for a fifth term.

"I will not be up for re-election now we have peace," Mosley said at FIA's Paris headquarters.

"This for me is an enormous relief," he added, referring to "personal difficulties" he has faced.

His son, Alexander Mosley, was found dead at his luxury apartment May 5 after an accidental drug overdose.

The 69-year-old FIA president, the son of former British fascist leader Oswald Mosley, was at the center of a media frenzy last year when a tabloid newspaper reported he took part in a sadomasochistic orgy with five prostitutes in London. A video of the incident was widely circulated on the Internet.

Mosley successfully sued the News of the World for invasion of privacy.

The episode brought calls for Mosley's ouster as FIA president, but he won an overwhelming vote of confidence to stay on.
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post #2 of 6 (permalink) Old 06-24-2009, 09:13 AM
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It's about time. I hope they can get back to racing.

One has to wonder if all this was orchestrated to keep Formula 1 in the headlines. Really pissed off FOTA, though. What a waste of energy.
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post #3 of 6 (permalink) Old 06-24-2009, 09:31 AM
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Woo Hoo!!

'13 MINI Cooper Clubman S-daily driver
'84 CD-weekender!
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post #4 of 6 (permalink) Old 06-24-2009, 10:05 AM
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One down and one to go..
.....and then we bring Montreal back in the show!!
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post #5 of 6 (permalink) Old 06-24-2009, 01:51 PM
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Formula 1 To Go On; Rich Will Help the Poor

Formula 1 To Go On; Rich Will Help the Poor
FORMULA 1, FIA, FOTA
CNBC.com
| 24 Jun 2009 | 12:34 PM ET

A deal has been reached with Formula One teams to avoid a breakaway series next year and preserve the race in its current form, media reported FIA president Max Mosley as saying Wednesday.

The president of the motorsport's governing body the Federation Internationale de l'Automobile (FIA) and eight teams had been at loggerheads over his plans to introduce a $66 million budget cap for each manufacturer for 2010.

Formula One teams usually spend their budgets on upgrading their cars, training, technicians and other staff and a high budget is often seen as essential for victory.

According to press reports, Williams spent the most on Formula 1 this year, with $160.6 million, while Toro Rosso had the lowest spending among the Formula 1 teams: $128.2 million.

Mosley wanted the cap in order to give other, poorer teams a chance to take part in the race, but some of the existing teams said they feared spending caps were likely to stifle innovation.

As part of the new agreement, existing teams must help new outfits with their engines and chassis, the BBC reported.

"There will be one F1 championship but the objective is to get back to the spending levels of the early 90s within two years," Mosley told the BBC.

The eight teams - McLaren, Ferrari, Red Bull, Brawn, Toro Rosso, Renault and Toyota – last week declared their intention to quit Formula One and set up their own, rival race.

The agreement was reached following a meeting of 120 members of the FIA in Paris aimed at resolving the crisis, media reports said.

As part of the deal, Mosley will not stand for re-election as head of the FIA in the autumn, when his fourth term at the helm of the body runs out.

Formula One, a popular sport mostly in Europe and Asia, boasts global revenues of about $4 billion, made up of broadcasting rights, race sponsorship and corporate hospitality, team revenues - including sponsorships - and circuit revenues from selling tickets and from sponsors.
# Blog: Sports Biz with Darren Rovell
© 2009 CNBC.com
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post #6 of 6 (permalink) Old 06-24-2009, 01:54 PM
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2010 Formula 1 Teams

The following teams have been accepted for the 2010 FIA Formula One World Championship.

TEAM / CONSTRUCTOR

SCUDERIA FERRARI MARLBORO / FERRARI
VODAFONE McLAREN MERCEDES / McLAREN MERCEDES
BMW SAUBER F1 TEAM / BMW SAUBER
RENAULT F1 TEAM / RENAULT
PANASONIC TOYOTA RACING / TOYOTA
SCUDERIA TORO ROSSO / STR TBA
RED BULL RACING / RBR TBA
AT&T WILLIAMS / WILLIAMS TOYOTA
FORCE INDIA F1 TEAM / FORCE INDIA MERCEDES
BRAWN GP FORMULA ONE TEAM / BRAWN TBA
CAMPOS META TEAM / CAMPOS COSWORTH
MANOR GRAND PRIX / MANOR COSWORTH
TEAM US F1 / TEAM US F1 COSWORTH
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