Ferrari threatens to quit Formula One

Ferrari has threatened to quit the Formula One championship if the FIA insists on introducing a standardised engine into the competition. The news comes after a meeting of the Italian car manufacturer's board of directors.

Ferrari has issued a statement which states: "The board of directors examined the proposed changes to the Formula One regulations in light of the current global economic crisis."

"Whilst reiterating its wholehearted commitment to a substantial and needed reduction in costs in Formula One, starting with propulsion, the board expressed strong concerns regarding plans to standardise engines.

"It felt such a move would detract from the entire raison d'etre of a sport with which Ferrari has been involved continuously since 1950, a raison d'etre based principally on competition and technological development.

"The board expressed the opinion that should these key elements be diminished, it would have to re-evaluate, with its partners, the viability of continuing its presence in the sport."

It now remains to be seen if Max Mosley and the FIA will buckle under the pressure from Ferrari or if they will press ahead with plans for standardised engines from 2010 onwards.

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