The great Formula One breakaway crisis is apparently over with FIA President Max (hurts so good) Mosley finally falling on his sword and doing what he should have done this time last year.

Mosley announced to the World Motorsport Council meeting in Paris today that he would not be standing for re-election.

Mosley told reporters after the meeting that there will be no split.

“We have agreed to a reduction of costs,” he said. “There will be one F1 championship in 2010 but the objective is still to get back to the spending levels of the early nineties within two years.”

It is believed that Mosley’s position became untenable after meeting with long time supporter Bernie Ecclestone and [FOTA] chairman Luca di Montezemolo.

It is believed that Ecclestone warned Mosley that if he did not stand aside then Ecclestone would join with FOTA in staging an alternative World Championship.

The new agreement means that the teams must call off the breakaway series and sign up to a new Concorde Agreement until 2012.

A unified Formula One, and we get rid of Mosley. all in all a job well done.

I think Champagne is called for.