Max Moseley's proposed $80 million Formula One spending cap has been defeated. Ferrari, McLaren, Brawn and other big-spending Formula One teams will be able to continue what Mr Moseley called the F1 "financial arms race" next year.

Big Max is out of the game, too, from October. He won't stand for re-election. The big-spending teams, led by Ferrari, threatened to split from the competition and run their own, but in a two-hour meeting behind closed doors last week Moseley's arch-enemy and Ferrari boss Luca di Montezemolo proved his really was the bigger one, leaving Moseley to fall on his sword.