In Monaco on Wednesday, F1's governing body, and the alliance of nine remaining teams, hailed the sport's "most successful" meeting ever.

In Monaco on Wednesday, F1's governing body, and the alliance of nine remaining teams, hailed the sport's "most successful" meeting ever.

Following the four-hour summit in Monte Carlo, a joint statement said agreement was reached on matters for 2010 and beyond, while "significant cost saving" should result from FOTA's proposals for 2009.

More details will be available after Friday's meeting of the World Motor Sport Council, but it is understood a compromise solution has been found between Max Mosley's stance on standard engines, and FOTA's proposals for a low-cost 2011 engine formula to retain F1's "DNA".

"Agreement was reached on measures to meet all the objectives originally put forward by the FIA for 2010 and thereafter," an extract of the statement, provided with a joint FOTA/FIA letterhead, said.

"I am delighted with the outcome of this meeting," FIA president Mosley said.