UPDATE 3-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 * 2009 rules will remain in place for immediate future (Adds details on Mosley's immediate future, statements) By Estelle Shirbon PARIS, June 24 (Reuters) - Peace broke out in Formula One on Wednesday when a deal was reached to avert a breakaway series and teams agreed to further cut costs without a budget cap. Embattled FIA president Max Mosley, who said he would not be ...

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