After a meeting of the World Motor Sport Council (WMSC) in Paris on Wednesday, Formula One racing’s governing body, the FIA, issued the following statement:

All currently competing teams have committed to the FIA Formula One World Championship.

There will be no alternative series or championship and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April 2009. 

As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s. The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance. 

The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport’s governing body. They have also committed to the commercial arrangements for the FIA Formula One World Championship until 2012 and have agreed to renegotiate and extend this contract before the end of that period.

All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement.

The following teams have been accepted for the 2010 FIA Formula One World Championship.

TEAM / CONSTRUCTOR 
SCUDERIA FERRARI MARLBORO / FERRARI
VODAFONE McLAREN MERCEDES / McLAREN MERCEDES
BMW SAUBER F1 TEAM / BMW SAUBER
RENAULT F1 TEAM / RENAULT
PANASONIC TOYOTA RACING / TOYOTA
SCUDERIA TORO ROSSO / STR TBA
RED BULL RACING / RBR TBA
AT&T WILLIAMS / WILLIAMS TOYOTA
FORCE INDIA F1 TEAM / FORCE INDIA MERCEDES
BRAWN GP FORMULA ONE TEAM / BRAWN TBA 
CAMPOS META TEAM / CAMPOS COSWORTH
MANOR GRAND PRIX / MANOR COSWORTH
TEAM US F1 / TEAM US F1 COSWORTH

In view of this new agreement and with the prospect of a stable future for Formula One, FIA President Max Mosley has confirmed his decision not to stand for re-election in October this year.

Source - F1.com