Phew! Peace at last.

After the events that transpired the last few weeks, where F1 almost lost the greater majority of its teams and drivers in favour of a breakaway series, a last-minute compromise deal worked out between the FIA and the eight members of the Formula One Teams Association FOTA) has secured a few years of peace - for now.

Following the World Motor Sport Council (the highest decision making body of the FIA) meeting held on Wed 24 June, the FIA has published a statement and here are the important points:

1. All currently competing teams have committed to the FIA Formula One World Championship.

2. 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.

3. The teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s.

4. 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.

5. The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport's governing body.

The last point being of extra interest as Max Mosley (below), the current president of the FIA, will not be seeking re-election when his tenure ends next October.

All this points to a exciting season next year as a total of 13 teams will be taking part - the most since 1995 when 14 teams participated. 

This is the full team list for next year:

(* indicates a new team)

SCUDERIA FERRARI MARLBORO

VODAFONE McLAREN MERCEDES

BMW SAUBER F1 TEAM

RENAULT F1 TEAM

PANASONIC TOYOTA RACING

SCUDERIA TORO ROSSO

RED BULL RACING

AT&T WILLIAMS

FORCE INDIA F1 TEAM

BRAWN GP FORMULA ONE TEAM

CAMPOS META TEAM*

MANOR GRAND PRIX*

TEAM US F1*

I cannot wait!

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