JOIN USToyota and Red Bull, who also own Ferrari-powered Toro Rosso, have already threatened not to enter next year's championship unless the new rules published by the governing International Automobile Federation (FIA) are changed.
“If the regulations adopted for 2010 will not change, then Ferrari does not intend to enter its cars in the next Formula One World Championship,” a statement said.
The FIA, headed by Max Mosley, want to introduce an optional 40 million pound ($60.7 million) budget cap next year to encourage new teams to enter.
The plan would allow capped teams to operate with far greater technical freedom than those continuing with unlimited budgets.
Ferrari's president Luca di Montezemolo, head of the Formula One Teams' Association (FOTA), has warned it would create a two-tier championship that could be “fundamentally unfair and perhaps even biased.”
The Ferrari board backed his stance at a meeting at Maranello. “For the first time ever in Formula One, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters,” the statement added.
“The Board considers that if this is the regulatory framework for Formula One in the future, then the reasons underlying Ferrari's uninterrupted participation in the World Championship over the last 60 years...would come to a close.”
The FIA has set a deadline of May 29 for teams wishing to compete in 2010 to submit entries and state whether they want a cap or not.