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Ferrari to quit F1

Harry Metcalfe
12 May 2009

Ferrari announces it intends to pull out of F1 at the end of this season

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Ferrari has just put out a press release saying it will not participate in the 2010 Formula 1 World Championship, as it refuses to comply with the FIA proposal to cap team expenditure to £40M next season.

Maybe we should read more into the fact Luca Montezemolo will be attending the Le Mans 24hrs this year. Is this where Ferrari might be heading if it decides to leave F1 next year? Certainly food for thought.

In the meantime, here is Ferrari’s press release in full explaining why it's considering leaving F1 next year:

The Board of Directors also examined developments related to recent decisions taken by the Federation Internationale de l’Automobile during an extraordinary meeting of the World Motor Sport Council on 29 April 2009. Although this meeting was originally called only to examine a disciplinary matter, the decisions taken mean that, for the first time ever in Formula 1, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters.

The Board considers that if this is the regulatory framework for Formula 1 in the future, then the reasons underlying Ferrari’s uninterrupted participation in the World Championship over the last 60 years – the only constructor to have taken part ever since its inception in 1950 – would come to a close.

The Board also expressed its disappointment about the methods adopted by the FIA in taking decisions of such a serious nature and its refusal to effectively reach an understanding with constructors and teams. The rules of governance that have contributed to the development of Formula 1 over the last 25 years have been disregarded, as have the binding contractual obligations between Ferrari and the FIA itself regarding the stability of the regulations.

The same rules for all teams, stability of regulations, the continuity of the FOTA’s endeavours to methodically and progressively reduce costs, and governance of Formula 1 are the priorities for the future. If these indispensable principles are not respected and if the regulations adopted for 2010 will not change, then Ferrari does not intend to enter its cars in the next Formula 1 World Championship.

Ferrari trusts that its many fans worldwide will understand that this difficult decision is coherent with the Scuderia’s approach to motor sport and to Formula 1 in particular, always seeking to promote its sporting and technical values.

The Chairman of the Board of Directors was mandated to evaluate the most suitable ways and methods to protect the company’s interests.

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