Ferrari issues F1 quit threat

12th May 2009

Reigning champions Ferrari have declared they will quit Formula One at the end of the year if FIA budget cap proposals go ahead.

The Italian squad has joined Toyota and Red Bull in blasting the FIA’s optional £40 million limit on spending, which they believe will lead to a two-tier grand prix grid.

Under the plans put forward by the sport’s governing body, teams who adopt the financial restriction will be given greater technical freedom and no limit on testing. However, those outfits that stick to current spending levels will be limited in engine development, wind tunnel use and track time away from races.

So after a long meeting this afternoon, top brass at Ferrari announced that it would turn its back on 60 years of grand prix racing, unless a compromise could be reached.

“Formula One needs the same rules for all teams”, claimed a spokesman. “Stability of regulations, the continuity of the Formula One Teams Association's endeavours to methodically and progressively reduce costs, and governance of Formula 1 are the priorities for the future.

"If these indispensable principles are not respected and if the regulations adopted for 2010 will not change, then Ferrari does not intend to enter its cars in the next Formula 1 world championship.”

However, there could be hope on the horizon. Ferrari president Luca di Montezemelo will meet FIA boss Max Mosley later this week and hope to reach a happy conclusion.