Ferrari will not participate in the 2010 Formula 1 World Championship

[LARRY]

Repost/Continuation of events...as of an hour ago 5/14/09.

Ferrari has just put out a press release saying it will not participate in the 2010 Formula 1 World Championship, as it refuses to comply with the FIA proposal to cap team expenditure to £40M next season.

Maybe we should read more into the fact Luca Montezemolo will be attending the Le Mans 24hrs this year. Is this where Ferrari might be heading if it decides to leave F1 next year? Certainly food for thought.

In the meantime, here is Ferrari’s press release in full explaining why it's considering leaving F1 next year:

"The Board of Directors also examined developments related to recent decisions taken by the Federation Internationale de l’Automobile during an extraordinary meeting of the World Motor Sport Council on 29 April 2009. Although this meeting was originally called only to examine a disciplinary matter, the decisions taken mean that, for the first time ever in Formula 1, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters.

The Board considers that if this is the regulatory framework for Formula 1 in the future, then the reasons underlying Ferrari’s uninterrupted participation in the World Championship over the last 60 years – the only constructor to have taken part ever since its inception in 1950 – would come to a close.

The Board also expressed its disappointment about the methods adopted by the FIA in taking decisions of such a serious nature and its refusal to effectively reach an understanding with constructors and teams. The rules of governance that have contributed to the development of Formula 1 over the last 25 years have been disregarded, as have the binding contractual obligations between Ferrari and the FIA itself regarding the stability of the regulations.

The same rules for all teams, stability of regulations, the continuity of the FOTA’s endeavours to methodically and progressively reduce costs, and governance of Formula 1 are the priorities for the future. If these indispensable principles are not respected and if the regulations adopted for 2010 will not change, then Ferrari does not intend to enter its cars in the next Formula 1 World Championship."

Ferrari trusts that its many fans worldwide will understand that this difficult decision is coherent with the Scuderia’s approach to motor sport and to Formula 1 in particular, always seeking to promote its sporting and technical values.

The Chairman of the Board of Directors was mandated to evaluate the most suitable ways and methods to protect the company’s interests.

[snuggles1]

Wow! In the last year we've seen a black president, the worst banking crisis since 1929, Lotus announce an automatic tranny option, and Blink 182 reunite for a tour. Now Ferrari resigns from F1? What strange times these are.

Maybe I'll finally get my black Viper with racing stripes and a Russian hooker.

[mikester]

Originally Posted by snuggles1

Maybe I'll finally get my black Viper with racing stripes and a Russian hooker.

We're all pulling for you

[mikester]

^ Other than that, the news above - not good for F1.

[dickedup]

Originally Posted by mikester

^ Other than that, the news above - not good for F1.

At this point this is just a Ferrari ploy to make a point or two. Believe they'll be back. Great advertising for their road cars.

[sleeprfocus]

^ I think it's the other way around... Ferrari sells road cars to finance their F1 efforts. Since the budget cap is a mere 40M GBP, they're going to go elsewhere to spend a crapload and win championships.

[road racer]

Originally Posted by LARRY

Repost/Continuation of events...as of an hour ago 5/14/09.

Ferrari has just put out a press release saying it will not participate in the 2010 Formula 1 World Championship, as it refuses to comply with the FIA proposal to cap team expenditure to £40M next season.

Once again, this isn't about the optional budget caps, to which FOTA has already agreed are necessary going forward. And Ferrari is the head of FOTA.

This is about creating a 2nd tier of rules (that have more technical freedom), to which the manufacturer teams effectively cannot subscribe because they cannot cut their budget so drastically and so quickly.

None of the big spenders want chump change teams to be competitive with them.

[road racer]

Originally Posted by sleeprfocus

^ I think it's the other way around... Ferrari sells road cars to finance their F1 efforts.

Historically, sure. Today they are part of Fiat and F1 is a marketing tool towards making/keeping the road car business profitable.

[Spudboy]

This isn't a done deal yet, as implied by the OP. Time will tell as more teams add to the chorus. So far, Mercedes is the only one to publicly state they will NOT drop out.

[MNlotus]

WOW, did not expect them to drop out all together. i think it would be nice to see smaller companies being introduced into F1. come on lotus, get back in F1!

[ggelise]

Wow! In the last year we've seen a black president, the worst banking crisis since 1929, Lotus announce an automatic tranny option, and Blink 182 reunite for a tour. Now Ferrari resigns from F1? What strange times these are.

Maybe I'll finally get my black Viper with racing stripes and a Russian hooker.

You forgot the strangest thing of all: Lotus had a profitable year! Not to correct your goal, but it is a belly dancing Russian hooker.

[paulhastings]

That was the case in the earlier day's. Don't think it's the case for quite some time.

Originally Posted by sleeprfocus

^ I think it's the other way around... Ferrari sells road cars to finance their F1 efforts. Since the budget cap is a mere 40M GBP, they're going to go elsewhere to spend a crapload and win championships.

[apk919]

Originally Posted by paulhastings

That was the case in the earlier day's. Don't think it's the case for quite some time.

Don't they make as much money licensing their logo? (i.e. shirts, caps, watches, etc, etc)

[paulhastings]

Yeah, they have done a phenomenal job with selling their brand.

I would be surprised to see them leave F1. I believe these public announcements is part of their negotiations. However, Luca at Le Mans will be interesting. It would be cool to see the return of the 512!

[road racer]

Originally Posted by MNlotus

WOW, did not expect them to drop out all together. i think it would be nice to see smaller companies being introduced into F1. come on lotus, get back in F1!

oh man, there's a dilemna. would i root for USF1 or Lotus!