Formula One: Ferrari, Red Bull Leave Team Association
Ferrari and world champions Red Bull have both decided to withdraw from the Formula One Teams Association (FOTA), the organization announced on Friday, amid a row over how to reduce costs in the sport.
The teams confirmed their intention to pull out on Friday afternoon, with Ferrari claiming "FOTA's drive has run its course".
Both teams, two of the most high-profile in the sport, have criticized FOTA's failure to find agreement over the Resource Restriction Agreement (RRA), which aims to cut F1's growing costs.
"I can confirm this is the case," a FOTA spokeswoman told Britain's Press Association. "We are trying to arrange a meeting to sit the teams around the table and see where this takes us."
A statement from Ferrari said: "It was a difficult decision and a great deal of thought went into it.
"It was taken reluctantly after analyzing the current situation and the stalemate when it came to debate on some issues that were at the core of why the association was formed.
"Ferrari will continue to work with the other teams to make the current RRA, Resource Restriction Agreement, aimed at controlling costs, more effective and efficient, modifying it to make it more stringent in key areas such as aerodynamics, to re-balance some aspects such as testing and to expand it to areas currently not covered such as engines."
Reigning constructors' champions Red Bull also announced their decision to withdraw in a brief statement.
"Red Bull Racing can confirm it has served notice to withdraw from FOTA," the statement read. "The team will remain committed to finding a solution regarding cost saving in Formula One."
Currently presided over by McLaren team principal Martin Whitmarsh, FOTA was set up in July 2008 at Ferrari's base in Maranello to give teams a voice in the organization of the sport.
Ferrari's president, Luca di Montezemolo, was also FOTA president until the end of 2009.
Ferrari and Red Bull join Hispania Racing as the only teams in F1 not to be a part of FOTA.