The Australian Grand Prix Corporation have hailed the end of F1's political war, saying the stability it brings will ensure Melbourne remains a part of F1.
On Friday night, the 2010 Formula One teams finally signed a new Concorde Agreement, bringing to a close months of political fighting between the FIA and the Formula One Teams Association.
"Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship," said the FIA in a statement.
The news has been welcomed by the Australian GP bosses, who had previously threatened to walk away from Formula One, saying they would not pay for "half an event" should the FOTA teams quit.
Friday's deal, though, not only ensures has the threat of a breakaway been put to rest but also that Melbourne will remain on the F1 calendar.
"The Australian Grand Prix Corporation is pleased with the announcement of the finalisation of the new agreement between the FIA, the Formula 1 Commercial Rights Holders and FOTA," said the AGPC in a statement.
"The agreement brings stability to the sport of Formula One and ensures the best teams will be participating in the Championship for years to come and will all be at Albert Park in March next year."
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