Ferrari issue renewed quit threat to F1

Ferrari chief Sergio Marchionne has issued a renewed threat to quit Formula 1. Liberty Media's proposed changes to budget caps and bonus payments have prompted the Scuderia to signal their displeasure with F1's bosses and Marchionne says their threat could escalate by the end of the year.

Liberty are reportedly keen to introduce a $150million cap in teams' spending as they look to stem spiralling finances in the sport.

According to Forbes, F1 made an operating loss of $37m in Liberty's first year at the helm.

Ferrari make more than any other team through payments from F1, with Marchionne also threatening to withdraw over proposed engine regulation changes.

Mercedes have come out in support of Ferrari's stance, and Marchionne has put a deadline on Liberty to change things before the end of the year, or the Scuderia could wave goodbye to F1.

He told Autocar: "I did not say we were leaving Formula 1 in 2020, but that if we cannot reconcile our differences then we will leave.

"We've raced in Formula 1 the longest of anyone. We understand the sport.

"It's definitely hard to imagine F1 without Ferrari, so I sincerely hope we can go through.

"We have been in dialogue with Liberty Media and I'm hopeful we will find a way and go forward by the end of this year. If it doesn't you will hear about it!"