Max Mosley will not stand for re-election as FIA president in October as part of a deal with the FOTA F1 rebels to remain in the sport next year.
Mosley has been defiant in wanting to introduce a £40million budget cap to the world's richest sport next season. Although the F1 teams agreed that cuts should be made, the cap was not well received and it prompted eight of the ten teams in the sport to agree to form a breakaway series in 2010.
But following an FIA meeting in Paris today, Mosley said "now there is peace" in F1, and the planned breakaway series will not be going ahead.
"There will be no split," said Mosley. "We have agreed to a reduction of costs. There will be one F1 championship but the objective is to get back to the spending levels of the early 1990s within two years."