After all of this year's soap opera stories in Formula One, it appears there will be a unified championship series next year after all. According to The Times UK, controversial F1 boss Max Mosley has been "forced into a humiliating climbdown as president of the FIA," and his reign is over effective today.

Apparently, with the Formula One Teams Association's (FOTA) plan to build its own breakaway series and take most of its highest-profile (and highest-dollar) draws away with it, the FIA realized that something had to be done. Eight teams, including Ferrari, McLaren, BMW Sauber, and Brawn GP had pulled out of the series over concerns relating to a new £40m budget cap (around $66m USD).

With Mosley's departure effective immediately, F1 teams and the sanctioning body have agreed to cost cuts with the goal of getting spending outlays back down to the that of the early Nineties within two years.

Mosley has agreed to end his 16 year term at the FIA and not seek re-election to another office.

[Source: Times UK | Image: Mark Thompson/Getty]