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Thursday, 21 May 2009 |
Ferrari fail to stop new FIA budget cap
 The Italian Ferrari team have not been successful in their attempt at preventing FIA, the Formula One governing body, from bringing in new rules that deal with spending.
Ferrari had launched an appeal against FIA but it was rejected by a French court in Paris on Wednesday.
FIA want to introduce an optional £40m budget cap from 2010 but this proposal caused Ferrari to threaten to retire from Formula One racing, and the Renault, Red Bull and Toyota teams have had similar views on the matter.
Ferrari now say they are thinking of taking legal action in the civil courts, and they maintain that they will carry on working with other motorsport teams to find a solution to the problem.
Ferrari have also issued a statement after the Tribunal de Grande Instance's ruling, repeating their threat to quit Formula One because they cannot agree with the budget cap proposal.
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Last Updated ( Tuesday, 26 May 2009 )
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Motor Sports 
