Ferrari boss reiterates threat to quit F1

Ferrari boss Sergio Marchionne has reiterated his threat to quit Formula One racing, saying that there are certain things which they can't back down on.

Earlier, Marchionne had said that the Italian team would quit F1 if its new owner Liberty Media continued to press on over new engine rules. It should be noted that Liberty Media had announced several changes to the engine regulations aimed at cost reduction.

Though Marchionne had agreed with the cost-cutting reasons, he had stated that there were other strategic issues that could force Ferrari to think over racing elsewhere.

Keeping firm on his stand, the Ferrari boss now said that the threat was not at all an idle one, adding that they need to find a solution which is good for the sport.

"The dialogue has started and will continue to evolve. We have time until 2020 to find a solution which benefits Ferrari. We have to find a solution which is good for the sport but we also have to be clear on the things we can't back down on," Sport24 quoted Marchionne as saying.

Ferrari are the only team to have competed in the Formula One World Championship continuously since its inception in 1950.

Jose Froilan Gonzalez gave the team its first F1 victory at the 1951 British Grand Prix.

Also, it has been established that Monaco Grand Prix and Ferrari are the two central pillars of Formula One racing and that their current share of the revenues reflects that special status.