BREAKING: Ferrari Says it Won't Run in 2010 Formula One Unless Rules Change

In the latest development in the ongoing saga of Formula One problems, Ferrari made an official announcement today saying that it won't enter next season's world championship unless the sport's governing body revokes its plans for a voluntary £40 million (about €45 million or US$60 million) budget cap is revoked. The Prancing Horse company also said that it was "disappointed" by the way that FIA adopted the measures and its refusal to reach an understanding with constructors and teams.

"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," said Ferrari in a statement.

"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."

If Ferrari goes ahead with its decision to boycott the 2010 F1 Season, it will be the first time it has done so ever since the sport's inception in 1950.

Via: , Source: Ferrari