21 May 2009

Ferrari threatens to quit Formula One racing

9:49 am on 21 May 2009

A threat by Ferrari to pull out of Formula One remains real after a French court rejected an attempt to prevent FIA introducing new budget rules next season.

The sport's most successful and glamorous team warned in a statement at the Monaco Grand Prix that it will not lodge an entry for 2010, unless the rules are changed, before 29 May.

The champion auto team went to court to try and stop the FIA pressing ahead with an optional $NZ100 million budget cap.

Former champions Renault, Toyota and Red Bull have also said they cannot enter the 2010 championship under the regulations proposed.