PARIS — FIA president Max Mosley reached a deal today to stop eight rebel Formula One teams from forming a breakaway series but now will not seek re-election.

Mosley agreed to the Formula One Teams Association's demand to scrap a voluntary $65 million budget cap for next season

Instead, a watered-down agreement over cost-cutting was approved by the FOTA members — Ferrari, McLaren, BMW Sauber, Renault, Toyota, Red Bull, Toro Rosso and Brawn GP.

"There will be no split. We have agreed to a reduction of costs," Mosley said.