Max Mosley has claimed that the FIA has agreed a deal with the Formula One Team's Association (Fota) to prevent a breakaway series next season.

Following a meeting of the World Motor Sport Council in Paris today, a cost-cutting deal has been struck between the sport's governing body and the eight Fota member teams - BMW, Brawn GP, Ferrari, McLaren, Red Bull, Renault, Toro Rosso and Toyota.

This will avoid the threat issued last week by Fota, which suggested the signatory teams had "no option" but to form their own breakaway series because of problems with the management of the sport.

Mosley has come under increasing pressure because of his plans for a £40 million budget cap, which had angered several of the larger teams.

However, the FIA president is reported as saying: "There will be no split. 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."

As part of the deal, Mosley has also confirmed he will not be standing for re-election when his fourth term ends in October.