But a split would have been a calamitous situation. The new series, despite having all the big names and probably some decent circuits, would still have taken some time to find its feet. Plus, I couldn’t help but wonder if the Fota series would have got good television coverage. Don’t forget that for the vast majority of fans, television is the only way we can consume the sport that we love, so this is an essential element.

In a lot of ways, the roots of the current problem in Formula 1 lie with Bernie Ecclestone. Or, to be more precise, CVC. They are the ones who suck the money out of the sport in order to pay the interest on their debts. That is why F1 ends up visiting sterile circuits with minuscule crowds — because those governments will pay huge sums of money for the privilege of holding an F1 race. That is probably also the reason for the fervour over cost cutting. If the teams spend less, Bernie can get away with giving the teams less of the sport’s revenues, and giving CVC more of them.

But despite that problem with CVC, I can’t find it in myself to be too angry with Bernie Ecclestone. In truth, he has done a great job of promoting the sport, and F1 may never have appealed to me were it not for Bernie’s efforts. Sure, there are a lot of areas where he can improve, particularly on the dire online offering.

But under Bernie Ecclestone, the television coverage of Formula 1 has been revolutionised. He got his fingers burnt with the adventurous F1 Digital+ endeavour. But while those innovatory days may be no more (and it is notable that F1 is still not broadcast in HD), today’s FOM-produced World Feed (used for all races except Monaco and Japan) is based on many of those innovations and television coverage has improved immeasurably over the past fifteen or so years.

We seldom have to deal with relatively amateurish efforts from the host broadcasters. Just compare these two videos of the same incident as it unfolded live. One is from the FOM F1 Digital+ World Feed, and the other was from the host broadcaster. (To view them side-by-side ‘as live’, start the second video when the first video reaches 17 seconds.)

The difference in quality is massive. F1 Digital+ caught the accident live so viewers knew immediately what happened. This was no coincidence. It happened because a system of sensors around the circuit could detect when cars were running close together, and coverage automatically switched to those cars in the expectation of some kind of incident unfolding. Later, replays from multiple angles enhanced the viewer’s understanding of the incident.

Meanwhile, the host broadcaster cut to Ralf Schumacher climbing out of his car ten seconds after the incident originally started. And it was a long time until viewers found out that the accident also involved Jacques Villeneuve — and there was only one angle of the incident. Note also how Martin Brundle had to rely on the superior coverage which he could see outside his commentary box window to tell viewers that Villeneuve was unhurt.

The Australian host broadcasters were not dummies. They just did the best job they could with the resources they had at their disposal. “Bernievision” was only good because of heavy investment and years of experimentation.

Bernie’s television operation was pretty impressive even in 2001, though not all of the innovations remain in today’s coverage. But it is thanks to Bernie Ecclestone that today’s coverage is more like the first video than the second one. A Fota-run championship would not have had such a slick operation going from day one, and the fans would have been worse off for it.

(For more on the amazing “Bernievision”, check out these decade-old articles on GrandPrix.com: Inside Bakersville and Inside the F1 digital television centre.)

Then there is the question of whether it would have had any coverage at all. The BBC would have been scared off, and television executives would have been confused. They want the World Championship, whether or not an alternative series is better in the eyes of the fans. Take, for instance, the Intercontinental Rally Challenge, which I hear is better than the FIA’s World Rally Championship. Not that I’d know, because the former is ghettoised on Eurosport while the FIA’s weak WRC gets terrestrial coverage.

No matter if it has all the current teams and good circuits — signing up to show a new series is a risk which television executives wouldn’t want to take. The prospect of the best F1 series being on some pay channel and having no terrestrial coverage was a real one. That aspect of the breakaway scared me.

On the other hand, the proposed breakaway presented the opportunity to create a great new version of Formula 1, unshackled from the financial needs of CVC or the warped politics of Max Mosley. Fota had some crazy ideas, but they carried out market research and were far more receptive to the views of fans than the FIA have ever been.

I particularly liked the idea that the new series could have been particularly focussed on attracting an American audience. The FIA Formula 1 Championship has dumped on US fans time and again, and today there is no race in North America even though it is a major market for the manufacturers.

There would also have been a careful look at ticket prices and the fees circuits have to pay to hold an F1 race. No-one (apart from Bernie apparently) likes to arrive at sterile circuits with a dozen people in the grandstand. It comes across on television too, whether or not FOM’s cameramen are instructed to avoid shots of empty grandstands.

I could feel the atmosphere of the passionate British crowd on the television. The difference could hardly be more stark from the previous race at Turkey, where the crowd was around 10% of the size. And Silverstone is a circuit that Bernie wants to move away from.

Even the little things that are wrong with F1 could have had the magnifying glass applied to them. Such as, why can’t a driver keep the same number for his whole career. In other categories such as Nascar or MotoGP, a driver’s number becomes part of his legend, every bit as important as, say, his helmet design. Even in the history of Formula 1, the number 27 car is almost synonymous with Gilles Villeneuve. Imagine the marketing potential too. But in the clinical world of Formula 1, driver numbers are determined by the positions of last year’s Constructors’ Championship.

In short, the breakaway could have been a great opportunity to fix everything that is broken with F1. I doubt the breakaway would have been a true ‘split’, and it probably wouldn’t have had the same consequences as the Cart / IRL split. It was pretty clear from the fact that the FIA never released a finalised 2010 entry list that the FIA didn’t have a 2010 F1 Championship to speak of, and Fota’s would have been the only show in town.

That, I think, is why the deal must be seen as a victory for Fota. It has turned out to be a powerful organisation that did after all have the ability to at last stand up to Max Mosley’s dictatorial authority.

There is a part of me that suspects that the FIA as an organisation simply isn’t fit for the purpose of overseeing motorsports. We will eventually see how things develop with Max Mosley’s successor. I think today is just the starting point though, and we will see some more loose ends being tied up in the coming months. There will be power struggles there too, I am sure.

It looks like these negotiations will in fact be handled by Michel Boeri. That in itself is interesting because he is the promoter of the Monaco Grand Prix. It was reported that he would take the Monaco GP with him to the Fota camp if the breakaway went ahead.

What we need now, most of all, is someone in charge of the FIA who is not a glorified politician, constantly interfering. I remember Maurice Hamilton making the point once that everyone knows who Max Mosley is, and many people can tell you that Jean-Marie Balestre was his predecessor. But not many can tell you who Balestre’s predecessor was (for you history buffs, on the Fisa side it was Pierre Ugeux, and in the FIA it was Paul Metternich). Yet the sport still ran.

It sounds like from now on there will be more checks and balances in place, with the F1 Commission being given more of a say from now on. No doubt Fota will continue to play its role too, and I think it would be best for everyone if Williams and Force India re-joined and USF1, Campos and Manor all joined too. That way the teams, who create the sport, can have a say in its governance too.

Speaking of the new teams, I think as we sit here today, with much of the damage repaired, the biggest shame of this episode is that two capable teams have been denied a place on the entry list as a result of Max Mosley’s petty politicking. I think many of us can’t wait to see Prodrive finally get a chance to enter F1, and Lola were a promising prospect too.

No doubt the FIA actually had a tough choice to make, as according to Joe Saward at least the Manor Grand Prix team is actually a seriously strong prospect. With costs set to be cut and a more stable future for F1 promised, and with that troublesome Max fellow out of the way, at least we know there are capable teams that are ready to fill any potential gaps that appear.