BREAKING : F1 Saved! FIA and FOTA reunite as Max Mosely reportedly quits F1

After all the Formula One drama, looks like nothing will be changed for 2010 F1 Championship after all. That's right, after the threat that came from the Formula One Teams Association (FOTA), to create a rival F1 Championship if the Fédération Internationale de l'Automobile - International Automobile Federation (FIA) applied their new regulations of capping budget at $60 million, FIA seems to agree to terms.

It was announced by FIA, that with long and late night meetings with FOTA teams, both associations discussed and agreed to continue their contract until 2012 F1 Championship. So, what changed all the F1 politics? Well, FIA and FOTA announced, that together, will come up with new set of rules and regulations to improve F1.

FIA statement: "There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009."

Most important, is budget limit. That's were FIA and FOTA split. Now though, the next season of F1 will reach a new budget cap, at $66 million. However, the $66 million limit doesn't have to be reached immediately at next season; but within two years in 2012 season. That way, teams will be cutting-costs gradually and comfortably, at which teams will gain experience in effective efficiency. FIA will also be responsible to provide teams with technical assistance at any time needed.

FIA statement: "As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s. The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance."

That's not all the news. After the agreement between FIA and FOTA, which brings F1 back to normal (atleast for another two seasons), Head Of FIA, Max Mosley announced that FIA's back-step on the older issues against FOTA, lead him to end his 16-year relationship with FIA, and indeed, leave F1 for good.

FIA listed official teams racing for 2010 F1 Championship, starting with:

1) TEAM SCUDERIA FERRARI - MARLBORO

2) McLAREN MERCEDES - VODAFONE

3) BMW SAUBER F1 TEAM

4) RENAULT F1 TEAM

5) TOYOTA RACING - PANASONIC

6) SCUDERIA TORO ROSSO

7) RED BULL RACING

8) AT&T WILLIAMS

9) FORCE INDIA F1 TEAM

10) BRAWN GP FORMULA ONE TEAM

11) CAMPOS META TEAM

12) MANOR GRAND PRIX

13) TEAM US F1

Source : [F1-Live, Times UK Image: Mark Thompson/Getty]