Ferrari to boycott 2010 F1 world champs - CNN.com
This is getting wild! From an academic standpoint though, I'd be very interested in seeing the impact on revenue that Ferrari has on the sport.(CNN) -- Ferrari rocked the world of motor racing on Tuesday when the Italian Formula 1 giants announced they will not be entering a team for the 2010 world championships.
Ferrari will be absent from the Formula 1 grid next season after opposing new technical regulations.
The decision is the result of a dispute with the sport's governing body, the FIA, over proposed regulations aimed at enforcing cost caps upon teams on the Grand Prix circuit.
"Ferrari confirms its opposition to the new technical regulations adopted by the FIA and does not intend entering its cars in the 2010 F1 Championship," the team said in a Web site statement.
According to reports the FIA president Max Mosley is attempting to push through changes that would force all teams to operate within an annual budget cap of $40 million -- about a third of Ferari's current spend.
The decision not to enter F1 next season came at a meeting of Ferrari directors in Maranello, Italy.
Ferrari's statement added: "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."