Ferrari and the other manufacturers will race in the F1 World Championship next year following the meeting of the World Motor Sport Council in Paris yesterday where agreement was reached to end the bitter dispute between the FIA and FOTA. During the meeting agreement was reached to reduce costs next year however the controversial budget cap was shelved and the team's agreed to sign up to a new Concorde Agreement. The FIA President also confirmed that he wouldn't stand for re-election when his term of office expires later this year.

Following the meeting the FIA released the following statement: "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."

While FOTA won't be making a statement until today, Ferrari was fast off the blocks yesterday, a press release issued in Maranello read: "Today the FIA World Council accepted the proposals formulated by FOTA for the 2010 Formula 1 World Championship. A Championship, which will be held, as suggested by FOTA, in the spirit of sporting and technological competition, with clear and fixed rules and transparent governance, handled by the F1 Commission. The objective is to avoid continual changes decided on by one person alone and to gradually reduce costs, to get back to levels of spending similar to those of the early Nineties within the next two years. The FOTA teams constantly promoted these objectives in the interests of motorsport and all its protagonists, first and foremost the fans," the Ferrari statement concluded.

"I wish to thank all our fans, because the general public had had enough of all these changes. We hope that next year, having finally achieved stability in terms of the rules, we will see a winning Ferrari once again." These were the first words from the President of Ferrari and FOTA, Luca di Montezemolo, as he came out from the FIA World Council meeting yesterday. Today, FOTA will meet the media to outline its proposals in detail and then tomorrow, Luca di Montezemolo will answer questions from the fans on the ferrari.com website.