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Deal Reached to Save Unified F! Racing

Remember those dire predictions of the last few weeks that Formula One racing was never to be the same again as eight of the ten teams that make up the sport were leaving to form a breakaway tour, and taking many of the sponsors with them? Well, it's not going to happen. A deal has been reached to keep the breakaway teams in the fold. The major fallout is the deal is going to cost F1 President Max Mosley, he of the orgy with five prostitutes in a "torture dungeon". He probably could have called Dick Cheney and had the party a lot cheaper.

Mosley has agreed to not stand for reelection for another term as FIA president in October, but he has also been effectively stripped of all his duties and responsibilities effective immediately, even if he gets to keep his title, and, presumably, his salary. Bernie Ecclestone, the billionaire marketer who holds the marketing rights to Formula One, was the one who negotiated the deal and fired Mosley. In the end, it was the only course to take to keep Formula One racing viable.

Full post as published by Sports Biz on June 25, 2009 (boomark / email).