The crisis threatening to split Formula One apart receded on Wednesday after Max Mosley, head of the sport’s governing body, announced he had reached an agreement with the teams planning a breakaway series and said he would not be standing for re-election to the job.

The sudden about-turn from the president of the Fédération Internationale de l’Automobile came a day after he lambasted the Formula One Teams Association (Fota) and indicated he was minded to continue beyond October, when his term of office expires.