SILVERSTONE - Max Mosley is prepared to drop his plans for legal action and instead seek settlement with the rebel Formula One teams planning a breakaway series, according to unconfirmed reports circulating Silverstone on Sunday evening.

After another momentous day of rumor and counter-rumor during which German Sebastian Vettel raced to victory in the British Grand Prix, paddock insiders were predicting a peaceful closure to the dispute that has split the sport.

« There won’t be any writ, I think we would rather talk than litigate, » Mosley was quoted telling Italian television station Sky Italia shortly before the start of Sunday’s 60-laps race, on the F1-Live website.

According to a poll conducted by Sky Italia, 91 per cent of their viewers supported the stance taken by the Formula One Teams Association (FOTA) in the row over budget caps with the ruling body, the International Motoring Federation (FIA).

Only 24 hours earlier, Mosley had been on the attack and during an interview with the BBC had described some of the FOTA teams’ representatives as « loonies ».

But on Sunday, said F1-Live, Mosley said he had invited the rebel teams to « sit down and iron out the last few difficulties... It is definitely getting better, but these things take time. »The problem is that we have eight teams and some want to sit down and some don’t. No doubt, eventually, they all will."