At a meeting of its Board of Directors today, chaired by Luca di Montezemolo, the Ferrari board examined developments related to decisions taken by the FIA during the recent extraordinary meeting of the World Motor Sport Council.

At that time, the FIA confirmed that next season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters.

Consequently, the Ferrari board has now announced that "if this is the regulatory framework for Formula 1 in the future, then the reasons underlying Ferrari's uninterrupted participation in the World Championship over the last 60 years - the only constructor to have taken part ever since its inception in 1950 - would come to a close".

The Board also expressed its disappointment about the methods adopted by the FIA in taking decisions of such a serious nature and its refusal to effectively reach an understanding with constructors and teams.

"The rules of governance that have contributed to the development of Formula 1 over the last 25 years have been disregarded," claims the Maranello outfit, "as have the binding contractual obligations between Ferrari and the FIA itself regarding the stability of the regulations.

"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. 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."

With two weeks to go before the deadline for entry in the 2010 World Championship, the Italian team said: "Ferrari trusts that its many fans worldwide will understand that this difficult decision is coherent with the Scuderia's approach to motor sport and to Formula 1 in particular, always seeking to promote its sporting and technical values."