Ferrari threaten to quit F1

Kimi Raikkonen, Ferrari, 2009Ferrari have announced that they will not be entering the 2010 Formula One World championship unless the voluntary £40 million budget cap rule is changed.

Ferrari s shock announcement follows Toyota and Red Bull s announcements that they too will not be entering if the rules remain as they are for the 2010 season.

In a statement Ferrari have said, “The same rules for all teams, stability of regulations, the continuity of the FOTA’s attempts to methodically and progressively reduce costs, and governance of F1 are the priorities for the future.

“If these principles are not respected and if the regulations adopted for 2010 will not change, then Ferrari are not intending to enter their cars into the next Formula One World Championship.”

The main cause for concern appears to be the possibility of a two-tier Formula One championship with some teams running under the budget cap rules, whilst others continue without budget limits.

F1 teams will meet next week to discuss the plans with FIA president Max Mosley. Mosley has said previously that even if Ferrari choose not to compete in the sport, Formula One would still continue. “The sport could survive without Ferrari,” he said. “It would be very sad it is the Italian national team.”