Max Mosley held a press conference this morning saying that the FIA and FOTA reached a deal this morning to keep Formula One as one series next season. Eight teams, known collectively as FOTA, were threatening to form their own series, starting in 2010.

Information about the agreement is starting to emerge. The teams have agreed to supply engines and chassis parts to the poorer teams so they can be competitive. There will be no budget caps for next season but the teams have committed to cost reductions that will reduce spending to early 1990’s levels. The deal also requires FIA President Max Mosley to not run for re-election as FIA President in the fall.

The sport will immediately get a new liaison with the FIA. FIA senate president and head of the Monaco auto club, Michel Boeri, will handle all relations between the team and the governing body. The rules that the FIA had originally proposed and enacted for the 2010 season, including budget caps and two-tier rules, have been scrapped. Instead, the rules will remain the same as this season with the only changes being the cost-cutting measures agreed to by FOTA and the FIA.

Also, as a part of this deal, the eight FOTA teams have all agreed to signed an updated version of the Concorde Agreement that sees each team commit to remaining in F1 until 2012.

Given this agreement, the final entry list and provisional race schedule are expected to be released within the next week.