Formula One's world governing body the FIA and the F1 teams association FOTA agreed on Wednesday there will be no parallel championship next season following talks in Paris to ward off a threatened breakaway.

The accord followed a meeting of 120 members of the FIA and came in the wake of weeks of bitter rowing between the two bodies which centred on proposed tough spending limits from next season.

Ahead of the meeting, FIA president Max Mosley had insisted that he would not step down as part of the price of any potential agreement and might seek re-election as head of world motor sport.

The 69-year-old Briton has been under pressure amid the disagreements emanating from the proposed swingeing budget cuts.

The Paris meeting was a clear-the-air opportunity for member clubs to hear from F1 teams about their plan to break away from the FIA and set up a rival series, a proposal which had led the FIA to prepare a legal claim against FOTA.

Writs against Ferrari and FOTA - which also includes McLaren, BMW Sauber, Renault, Toyota, Red Bull Racing, Toro Rosso and Brawn GP - had been due to be served on Monday, but the FIA held back pending today's meeting.