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Max Mosley steps down

The seemingly endless battle between the eight dissident Formula One teams and the FIA has finally come to a conclusion – and it's Max Mosley who's lost out. The now former FIA chief announced that he would not be standing for re-election to the post in October.

It has been rumoured that Jean Todt, who was once Ferrari's sporting director and is a close ally of Mosley, will become the new head, while chairman in the FIA senate Michel Boeri has taken over the day-to-day running of F1. All the rebel teams will now participate in next season's F1 championship.

'There will be no split,' said Mosley after the announcement. 'We have agreed to a reduction in costs. There will be one Formula One championship but the [long-term] objective is to get back to the levels of spending of the early 1990s within two years.'

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