Ferrari threaten to withdraw from Formula One

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Ferrari threaten to withdraw from Formula One

KARACHI: Ferrari have announced they are to withdraw from Formula One next season unless the FIA scraps plans to introduce a £40million budget cap.

The Italian team claims they will pull out of the sport because of an ongoing dispute with the governing body over its plans to introduce a limit to team spending from next season. Ferrari claim the changes violate the terms of a 2005 contract they signed committing themselves to the championship until the end of 2012, terms that include a “right of veto” on any technical regulation change.

"Ferrari confirms its opposition to the new technical regulations adopted by the FIA and does not intend entering its cars in the 2010 F1 Championship," a statement read on Ferrari''s website.

[LoViNg IrFaN]

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