Contrary to previous reports, Formula One is not dead. On Wednesday the pervy boss of F1, Max Mosley, rescinded his demand for a proposed budget cap and promised not to seek reelection. The eight most powerful teams in Formula One had vowed to form their own racing league if Mosley moved ahead with his unpopular budget cap scheme.

”There will be no split. There will be one F1 championship in 2010,” Mosley said at FIA’s Paris headquarters. ”They’ve got the rules they want and they’ve got the stability. We’ve got the new teams and we’ve got the cost reduction.”

FIA chief says deal reached to prevent F1 split (Associated Press)