Ferrari issue quit threat

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Ferrari have revealed they will review their participation in Formula One if plans to introduce a standard engine for all teams from 2010 are ratified by the sport's governing body.

The International Automobile Federation (FIA) announced earlier this month that they intended to bring in the regulation in a bid to curb costs in the wake of the global credit crisis.

However, while supportive of initiatives to reduce expenditure in the sport, Ferrari have come out defiantly against the idea of a uniform engine insisting it goes against the "entire raison d'etre" of the championship.

"The board of Ferrari, confirming its full support for the substantial and necessary reduction in costs starting with engines, has however expressed strong reservations about the project to equalise or standardise engines," read a statement from Ferrari's board.

"The board reserves the right to consider, together with our partners, our presence in this discipline.

"The (board) felt that such a move would detract from the entire raison d'etre of a sport with which Ferrari has been involved continuously since 1950, a raison d'etre based principally on competition and technology development."

The FIA issued a statement prior to this month's Chinese Grand Prix announcing a tender for "a third-party supplier of engines and transmission systems" to be used by all teams in 2010, 2011 and 2012.

The organisation argued that the costs of Formula One are unsustainable in the current economic climate and needed to be substantially reduced to ensure none of the ten teams currently competing leave the sport.

Despite Ferrari's misgivings, Formula One supremo Bernie Ecclestone has thrown his support behind the FIA's proposal and rejected suggestions that it could lead to some manufacturers pulling out.

"We're trying to get a level playing field," he told reporters earlier this month.

"I don't see why (manufacturers) should leave, we're saving them an awful lot of money I hope. All the technical things will still be there, they can show all of their talent."