UPDATE 1-Motor racing-Deal reached to avoid breakaway F1 series


* Breakaway F1 series averted after deal reached * Teams win battle with Mosley who will not seek re-election (adds details, quotes) PARIS, June 24 (Reuters) - A deal has been reached with Formula One teams to avoid a breakaway series next year, FIA president Max Mosley said on Wednesday. Mosley and eight teams had been at loggerheads over his plans to introduce a budget cap for 2010. "There will be no split. We have agreed to a reduction of costs," Mosley was quoted as saying by ...

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