On 24 June, an agreement was reached between Formula One's governing body and the teams to prevent a breakaway series. It was agreed teams must cut spending to the level of the early 1990s within two years; exact figures were not specified, and Max Mosley agreed he would not stand for re-election to the FIA presidency in October. Following further disagreements, after Max Mosley suggested he would stand for re-election, FOTA made it clear that breakaway plans were still being pursued. On 8 July, FOTA issued a press release stating they had been informed they were not entered for the 2010 season, and an FIA press release said the FOTA representatives had walked out of the meeting. On 1 August, it was announced FIA and FOTA had signed a new Concorde Agreement, bringing an end to the crisis and securing the sport's future until 2012.