Ferrari Quitting!!!!!!!!!!!!!!!!

Ferrari have confirmed their intention to pull out of F1 from next season as the battle over the FIA's proposed new rules escalates.

We confirm our opposition to the new technical regulations adopted by the FIA and do not intend entering our cars in the 2010 F1 Championship
Ferrari are among several teams to have been angered by the FIA's plans to impose a £40million budget cap on teams from next year.
Ferrari are the only team to have contested every season of the world championship since the modern format was introduced in 1950.
The decision to threaten to pull out of the 2010 championship came at a meeting of the Ferrari board of directors in Maranello.

Ferrari believe the FIA's new regulations would lead to an unacceptable two-tiered F1 championship, which they consider would be "based on arbitrary technical rules and economic parameters".

If these indispensable principles are not respected and if the regulations adopted for 2010 will not change, then Ferrari do not intend to enter our cars in the next Formula 1 World Championship.