Ferrari set to quit F1
Ferrari have announced that they will quit Formula One at the end of the 2009 season if a budget cap is introduced.
In an effort to cut costs in the sport, the International Automobile Federation (FIA) are planning to limit the amount teams can spend from 2010 onwards.
The proposal would mean those capped teams competing would be able to operate with far greater technical freedom than those with unlimited budgets.
Ferrari's board of directors met on Tuesday and decided that the team, who are the oldest and most successful in the sport, should no longer participate in F1.
"No F1 in 2010 if the rules do not change. Ferrari confirms its opposition to the new rules imposed by FIA and does not intend to register cars for the 2010 F1 world championship," a Ferrari statement said.
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