Ferrari threatens to pull out of F1
Ferrari statement in full
"The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to examine the third quarter results. The Board of Directors also examined the proposed changes to the Formula One regulations, in the 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 Ferrari Board of Directors expressed strong concerns regarding plans to standardize engines as it felt that such a move would detract from the entire raison 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 of Directors 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."
10/27/08 Ferrari will review its participation in Formula One if plans to introduce a standard engine for all teams from 2010 goes ahead, the board said in a statement on Monday. Formula One's governing body, the International Automobile Federation (FIA), said earlier this month it intended to bring in the rule to save costs.