Ferrari president Luca di Montezemolo has expressed his satisfaction that the sport has opted for a V6 turbo formula from 2014.

Following plans to introduce a 4 cylinder formula in 2013, Ferrari, along with Bernie Ecclestone, was one of the fiercest critics, the Italian outfit, whose various engine configurations over the years have brought sweet music to the ears of fans, fearing that the proposed units would diminish the spectacle of the sport.

Following the original false start, in the last week or so the sport has reached an agreement which will see the new higher revving units introduced in 2014, and although a year later than the FIA originally planned, di Montezemolo is delighted.

"The choice of having a V6 turbo engine as from 2014 is the right one and I am pleased to note that common sense prevailed," he told his team's website. ""It shows we are working together without pointless counterproposals or diktat, if it leads to the best outcome for the good of this sport."

Talking of rules and regulations, the Italian also believes the various new rules introduced this year have been beneficial for the sport.

"I think that it's been a positive start to the season for Formula 1," he said. "I have to say the races are all unpredictable and full of overtaking and interesting for the public, both in the grandstands and in front of the television, right to the end. That was one of the objectives this sport had set itself and I believe it has been reached.

"I also want to take this opportunity to congratulate Pirelli on its return to Formula 1," he continued. "In fact, I'm not surprised: we have a great relationship with them and we have known them for a long time, given that historically they have been one of our suppliers for our extreme high performance road cars."

In terms of his own team, which gave one of its strongest performances of the season over the Valencia weekend, he said: "In the past few days, I have gone over the situation with Stefano Domenicali and his engineers. We are working flat out and one can see improvements compared to the early races and this is partly down to adopting a different approach to the development of the car.

"We know the situation in both championships is very difficult," he admitted, "but I don't want to hear any talk of giving in: we must try to progress continuously and to fight for the win at every race, which is a must for Ferrari.

"Obviously, we have also started talking about the 2012 car, which is normal for this time of year," he added. "I have faith in what Domenicali and his team are doing and I am convinced we will see the results of their work."

Ominously, there is widespread speculation that unless Ferrari seriously ups its game in the months ahead - the Maranello outfit is currently third in the Constructors' Championship - there will be a major culling with a number of well known heads set to roll.