Ferrari will quit Formula One at the end of this season if current plans for a budget cap for 2010 are not abandoned, the champions said today.
Toyota and Red Bull, who also own Ferrari-powered Toro Rosso, have already threatened not to enter next year's championship unless the new rules published by the governing International Automobile Federation (FIA) are changed.
"If the regulations adopted for 2010 will not change, then Ferrari does not intend to enter its cars in the next Formula One World Championship," a statement said.
The FIA, headed by Max Mosley, want to introduce an optional 40 million pound ($60.7 million) budget cap next year to encourage new teams to enter.
The plan would allow capped teams to operate with far greater technical freedom than those continuing with unlimited budgets.
"For the first time ever in Formula One, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters," the statement added.
"The Board considers that if this is the regulatory framework for Formula One in the future, then the reasons underlying Ferrari's uninterrupted participation in the World Championship over the last 60 years...would come to a close."
Following approval by the World Motor Sport Council, late last night FIA President Max Mosley signed the 2009 Concorde Agreement, heralding a renewed period of stability for the FIA Formula One World Championship.
The Concorde Agreement – a contract between the FIA, F1’s Commercial Rights-Holder and the participating Teams – sets out the basis on which the Teams participate in the Championship and share in its commercial success.
The WMSC has also approved a slightly revised * set of stable Sporting and Technical Regulations (to apply from the 2010 Championship onwards), which have been agreed by the FIA and the Teams and which will be published shortly on the FIA's website.
The new Concorde Agreement, which runs until 31 December 2012, provides for a continuation of the procedures in the 1998 Concorde Agreement, with decisions taken by working groups and commissions, upon which all teams have voting rights, before going to the WMSC for ratification.
In addition, as agreed in Paris on 24 June 2009, the Teams have entered into a resource restriction agreement, which aims to return expenditure to the levels that prevailed in the early 1990s.
With the 2009 Concorde Agreement and the resource restriction agreement in place, the FIA looks forward to a period of stability and prosperity in the FIA Formula One World Championship.