Eight teams from the Formula One Teams Association (FOTA) claimed late on Thursday that they would set up the rival series.

CNN: Mosley says deal close in F1 breakaway row

The Formula One Teams Association (Fota) said as well as a package for 2010, an agreement for a cost-cutting plan for 2009 had also been reached.

BBC: Cost-cutting plan agreed for F1

The FIA has given Mosley the power to negotiate directly with the Formula One Teams Association over proposed measures to cut F1 team costs in half by 2010.

BBC: Mosley wants action to 'save' F1