The Formula One teams have agreed to sweeping changes that will dramatically change the future face of Grand Prix racing, according to the sport's boss.
Schumacher's domination of F1 may be threatened by the changes
FI president Max Mosley said the teams were in almost complete agreement over the "revolutionary proposals".
One of those proposals includes using a single tyre manufacturer and smaller engines, by 2006, Mosley said.
He also believes the meeting had ended any threat of the carmakers setting up their own championship in 2008.
However, a senior F1 insider cast doubt on Mosley's positive assesment of the meeting, saying it was little more than a discussion group.
"An agreement was reached in principle but, as ever, the devil is in the detail."
It is also believed that a new qualifying system may be introduced by the end of the season.
Team bosses expressed their satisfaction after leaving the meeting.
"I was enormously pleased," said Eddie Jordan, whose team has struggled to compete against better financed rivals.
The changes may also have much to do with Michael Schumacher's continued domination of F1 - the German, in the Ferrari, has won the drivers championship for the last four years and the first four races of this season.
The introduction of a single tyre manufacturer and smaller engines are measures designed to allow all teams to compete on an equal level and increase competitiveness.
Mosley said engine manufacturers were spending as much as £1bn a year on 14 of the 20 cars that currently race - an amount that he said was not sustainable.
He said there was a wide measure of agreement to reduce engine costs by 50%.
Other measures including technical changes to the cars were also agreed to, he said.
Mosley said commercial supremo Bernie Ecclestone had agreed to increase
revenue payments to teams in line with what had previously been agreed with the GPWC group of carmakers before talks between the two sides broke down this month.
"Everything the GPWC set out to get, they have got," Mosley said. "Their raison d'etre has disappeared."