No no Ferrari

Ferrari have announced that they will be meeting with Formula One to discuss its involvement in the sport.

President Luca di Montezemolo revealed his feelings after the FIA revealed a new rule for next season that encourages teams to operate within a £40million budget cap for next season. There are concerns that such a move could lead to a two-tier competition, as those who do operate wihin the cap will have more technical freedom.

The news will shock many F1 fans, but Bernie Ecclestone is confident that they will be staying. 'Ferrari are not stupid,' he said. 'They don't want to leave Formula 1 and we don't want to lose them, so we'll get to grips with it.'

However, Ferrari aren't the only ones up in arms about this ruling; Toyota have also said that they will pull out if the ruling isn't changed. It seems that the prospect of losing its most famous name is a very real one.

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