Ferrari is a big name in Formula one Racing. But as per reports, on tuesday Ferrari has decided in a board meeting that they will quit Formula One at the end of season if the FIA adopts a budget cap for 2010.
"No F1 in 2010 if the rules do not change. Ferrari confirms its opposition to the new rules imposed by FIA and does not intend to register cars for the 2010 F1 world championship," a statement said.
The FIA want to introduce an optional 40 million pound ($60.7 million) budget cap next year to encourage new teams.Ferrari's president Luca di Montezemolo, head of the Formula One Teams' Association (FOTA), has said it can create a two-tier championship that could be "fundamentally unfair and perhaps even biased".
The FIA has set a deadline of May 29 for teams wishing to compete in 2010 to enter and state whether they want a cap or not.
Ferrari, the sport's oldest and most successful team, also said to exit F1 earlier if proposals for a standard engine for all teams went ahead.Two other big names Toyota and Red Bull have already threatened not to enter coming championship unless the new rules introduced by the governing International Automobile Federation (FIA) are changed.
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Tuesday, May 12, 2009
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