Ferrari Issues Quit Threat Over Engines

Ferrari has dramatically declared it would consider its Formula 1 future if the FIA's controversial plans to introduce standardised engines are pushed through.

The FIA's shock announcement earlier this month that it had opened up a tender process for standard engines and transmissions systems for three seasons from 2010 met with immediate disapproval from F1's car manufacturer squads.

And although a meeting between the Formula One Team's Association (FOTA) and Max Mosley appeared to put the matter on the back burner last week, the FIA signalled on Monday that it was continuing with its 'single make' engine plan.

And just hours after the governing body's statement, the sport's most successful and iconic team, Ferrari - an ever present in the world championship since its inauguration in 1950 - delivered its stark warning.

Following a board meeting, a statement from the Italian firm said that while it supported the need to cut-costs in F1, the introduction of standard engines would trigger a re-evaluation of its team's future.

"Whilst reiterating its wholehearted commitment to a substantial and needed reduction in costs in Formula 1, starting with propulsion, the Ferrari board of directors expressed strong concerns regarding plans to standardise 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 Ferrari statement read.

"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."

Source: ITV.com/F1

FIA BRUSHES OFF FERRARI QUIT THREAT:

The FIA has brushed off Ferrari's threat to withdraw from Formula 1 if plans for a single specification of engine are pushed through.

The Italian marque made its dramatic intervention in the debate over F1's future on Monday evening - issuing a statement in which its board of directors expressed "strong concerns" about moves to standardise engines, which it claimed would undermine the whole raison d'etre of the sport.

"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," the Ferrari statement said.

F1's governing body responded on Tuesday by pointing out that the spec engine proposal was merely one of three options it had given the teams.

"The FIA has noted the press statement issued by the Ferrari board of directors," the FIA statement said.

"It seems the Ferrari board were misinformed.

"The FIA has offered the teams three options, one of which is the so-called standard engine, and another that the manufacturers should jointly guarantee to supply power trains to the independent teams for less than €5m per season."

While it reaffirmed its commitment to reducing costs, Ferrari's statement reported big increases in its third quarter revenues and profits compared to the same quarter last year.

But the FIA pointed out that several teams have less healthy balance sheets and said action to lower F1 budgets to a more sustainable level is therefore urgent.

"The FIA is delighted by Ferrari's financial success and hopes this will be maintained," the governing body said.

"However a number of teams find themselves facing costs which greatly exceed income. This is not sustainable."

The governing body said the manufacturers must now either sign up to one of the three cost-cutting options it has put on the table or come up with an alternative plan of their own that would achieve equally large savings.

Should they fail to do so, the FIA warned it would impose a solution unilaterally.

"It is now for the manufacturers to agree one of the three FIA options or themselves produce concrete proposals to reduce costs to a sustainable level," it said.

"If neither happens, the FIA will take whatever measures prove necessary to preserve a credible world championship for both drivers and constructors."

SOURCE: ITV-F1

ED: Well if Ferrari can't get through to them... who can?

It would be bad to F1 if Ferrari really quitKhoo1992

it would be bad for F1 with standard engines

Without Ferrari, F1 would be nothing.

I doubt they will leave though.