Max Mosley To Step Aside As FIA President

Alleged sex freak Max Mosley's agreed to step down as president of FIA, Formula One's world governing body, after elections later this year in order to unify the Formula One championship. The long nightmare is almost over.

Along with agreeing to not run for a fifth term as head of FIA, Mosley stated:

"There will be no split. We have agreed to a reduction of costs. There will be one F1 championship, but the objective is to get back to the spending levels of the early '90s within two years."

We'll have more shortly on what this all means. [Times Online]