May 13, 2009

Report: Renault, Ferrari leaving F1 racing

Renault has joined Ferrari in pulling out of the Formula One auto racing series because of a potential $60 million budget cap in 2010, the BBC said.

Ferrari officials were reported to be reconsidering Wednesday, about 24 hours after their decision, because it said on the F1 Web site first quarter results for 2009 were in line with the record levels reached in 2008.

Ferrari added the sport's governing body FIA (Federation Internationale de l'Automobile) is making decisions of a serious nature and had refused to effectively reach an understanding with constructors and teams.

If it really was like that, then I have to say that our cars will race in other competitions, and I am absolutely convinced about that they will find the enthusiasm and passion of millions of fans, Ferrari president Luca di Montezemolo told the BBC Tuesday.

Renault has always considered Formula One the pinnacle of motor sport, Renault team president Bernard Rey said in a statement.