Valencia Formula One Street Race looks set to stay

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As reported by F1-Live.com, all current teams will return next season with the addition of three more.

Formula One came to the very brink of losing the greater majority of its teams and drivers in favour of a breakaway series, but a last-minute compromise deal worked out between the FIA and the eight members of the Formula One Teams Association has now secured a few years of peace.

Following the WMSC meeting held earlier today, the FIA has published a statement outlining the decisions taken regarding Formula One, confirming the scrapping of Max Mosley's controversial 2010 regulations and his intention not to seek re-election as FIA President next October.

The entry list for next year's championship has also been released; it contains all of the current teams with the addition of the three new outfits recently announced. Engine deals remain to be confirmed for a few teams.

FIA STATEMENT

"The World Motor Sport Council met in Paris on 24 June 2009. The following decisions were taken:

FORMULA ONE WORLD CHAMPIONSHIP

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.

The following teams have been accepted for the 2010 FIA Formula One World Championship.

1. SCUDERIA FERRARI MARLBORO
2. VODAFONE McLAREN MERCEDES
3. BMW SAUBER F1 TEAM
4. RENAULT F1 TEAM
5. PANASONIC TOYOTA RACING
6. SCUDERIA TORO ROSSO
7. RED BULL RACING
8. AT&T WILLIAMS
9. FORCE INDIA F1 TEAM
10. BRAWN GP FORMULA ONE TEAM
11. CAMPOS META TEAM
12. MANOR GRAND PRIX
13. TEAM US F1