From 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 rumours 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 endeavours to methodically and progressively reduce costs, and governance ... are the priorities for the future," Ferrari said.

(Photo of Luca de Montezemolo, President of Ferrari)


Photo Credit : Ferrari