Formula One will be run under slightly modified 2009 regulations the FIA has announced, after agreement was reached with the Formula One Teams' Association over the sport's future. As demanded by FOTA, the FIA will now tear up the 2010 regulations, which enforced a voluntary budget cap and technical advantages to those to availed of it, to be replaced with this year's rules. The news was one of a number of measures announced as part of the deal brokered last night and this morning at a meeting involving Max Mosley (FIA), Luca di Montezemolo (FOTA) and Bernie Ecclestone (FOM).

Although the 2009 regulations will be used this year as a whole, minor changes will be made as was decided prior to 29 April 2009 when the budget cap regulations were 'finalised'. Those changes are expected to include the ban on refuelling and tyre warmers, and an increase in the minimum weight of cars to 620 kg.

The FIA also confirmed that the teams have agreed to reduce budgets to those of the early 1990s in the next two years, while the manufacturers have agreed to give technical assistance to the three new teams entering the sport next season, as a compromise for the removal of the budget cap regulations.

The news came following a meeting of the World Motor Sport Council (WMSC) in Paris today, which confirmed FIA president Max Mosley's decision not to stand for re-election at the end of his current term in October. Mosley feels that, with all manufacturers and teams ready to commit to F1 until 2012, peace has broken out and his influence is no longer needed to secure its future.

FIA WMSC statement in full
All currently competing teams have committed to the FIA Formula One World Championship.

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.

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.

The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport's governing body. They have also committed to the commercial arrangements for the FIA Formula One World Championship until 2012 and have agreed to renegotiate and extend this contract before the end of that period.

All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement.

In view of this new agreement and with the prospect of a stable future for Formula One, FIA President Max Mosley has confirmed his decision not to stand for re-election in October this year.