In an article written earlier I stated that FOTA would win the power struggle.
Today, Max has backed down, F1 is now is a state of Peace. Max has agreed not to run for re-election this coming fall, for the office of President of the FIA. An office he has held for the best part of 20 years.
What does all this mean to fans of F1 and those who are now in power. First the power base has changed, FOTA are the guys now calling the shots. Look for a friendly face for the teams at the FIA, Bernie's inside man at the FIA is gone. Bernie is now isolated and the teams will start working of a bigger piece of the pie. The teams have agreed to stay in F1 until 2012, so they will either get all that they want from Bernie now, or they will leave for sure.
FOTA, now will start working on their power-base and their position within the current series of F1. There will be a number of issues that they will use as springboards to get control of the money. Ticket prices, stability of venues, full financial disclosures from Bernie and co.
Bernie is an old man who has been isolated, it will be very difficult for him to prevail. He has lost his mouthpiece, his puppet. Now he has to fight his own fights for the first time and am sure that he is just not strong enough.
Great news for all fans, Max is gone, Bernie is next. Now the future of F1 is in the hands of FOTA and they will change F1 forever.