Ferrari announcement rocks F1

F1's most successful team -- Ferrari, are threatening to quit. | Photo: Kevin Tyson

Ferrari, the oldest and most successful Formula 1 team, is threatening to quit the sport after the FIA, motorsport’s governing body, announced new restrictions.

The FIA is proposing a voluntary £40m limit on teams’ budgets.  Teams that agree to this cap will have greater technical freedoms than those who will continue with unrestricted budgets.

Red Bull Racing , Toyota and Renault are also unhappy with the new rules and fear the new regulations could cause a two-tier championship.

Entries for the 2010 F1 world championship close on May 29th, when teams will consider whether they will go ahead with the £40 million budget cap or not.

Ferrari’s position followed a meeting of the board of directors at Marinello yesterday. Talks between the F1 teams and the FIA chief Max Mosley are planned next week to discuss new regulations.

It is not the first time Ferrari have threatened to quit the sport. Back in October the Italian team were unhappy when proposals for a standard engine went ahead.

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