Ferrari to quit F1? (Never Happen)

UPDATE #2 Ferrari's cars could be absent from the race grid next year. Speaking on Jeff Randall Live, the former motor racing team owner, Eddie Jordan, said the Italian team has more to lose from such a move than the sport's organizers.

"Formula One used to need Ferrari, I think now it's got so exciting with young teams coming through, I think Ferrari needs Formula One.

"Overall I think this is a bit of posturing.

"My guess is Ferrari will never go because they are linked to this, they are absolutely joined at the hip with Formula One. It is their only marketing program." Sky News

05/12/09 (GMM) As predicted as the budget cap row escalates, Ferrari on Tuesday threatened to quit formula one if the FIA does not do a u-turn on its proposed rules for 2010.

The threat follows those of Toyota, Red Bull and BMW, amid rumors that other FOTA alliance members will also shortly follow suit.

It is expected that only Brawn, Williams and Force India will meet the FIA's May 29 deadline to lodge official entries for next year's world championship.

"Ferrari confirms its opposition to the new rules imposed by FIA and does not intend to register cars for the 2010 world championship," part of a statement issued by Ferrari, after a board meeting in Maranello on Tuesday afternoon, said.

Unlike some other teams, 2008 constructors' champions Ferrari are fundamentally opposed to the idea of budget capping, although it is the 'two-tier' element of next year's rules that is outwardly causing the most uproar.

It is also suggested that the unorthodox way in which the budget cap was pushed through – at the FIA meeting called only to probe the McLaren 'lie-gate' scandal – has caused unease.

"The same rules for all teams, stability of regulations, the continuity of the FOTA's endeavors to methodically and progressively reduce costs, and governance … are the priorities for the future," Ferrari said.

05/11/09 (GMM) Ferrari's executive board will meet to discuss "governance developments" and the future of formula one at Maranello on Tuesday, the Italian team has announced.

It is expected that, following Red Bull and Toyota's announcements that they will not lodge 2010 team entries with the FIA by the May 29 deadline, Ferrari president Luca di Montezemolo will then make a statement about the current political situation.

Part of the afternoon board meeting will be devoted to "current situation analysis" related to F1, a Ferrari statement said on Monday.