Ferrari boss Montezemolo refuses to gloat after F1 deal

PARIS: Ferrari president Luca di Montezemolo chose to praise long-term enemy Max Mosley rather than gloat after the teams largely won their battle over the future of Formula One on Wednesday.

A breakaway series threatened by eight teams has been averted after FIA president Max Mosley agreed to drop his plans for a budget cap next year.

But costs will be cut and three new teams - Campos, US F1 and Manor - are still in line to join next season after pressure from Mosley, who nonetheless will retire when his mandate runs out in October.