Ferrari Threatens to Back Out of F1 2010

Ferrari has announced that it will not enter next year’s Formula One World Championship unless the rules are changed. Joining Ferrari in this bold decision, Toyota, Red Bull Racing, and Scuderia Toro Rosso, have all agreed to withhold their 2010 entries in the hopes that the International Automobile Federation will change the two-tier regulations and proposed budget caps. The teams are scheduled to meet with Mosley May 24, one week before the May 29 cut-off date to submit entries for 2010.