After a meeting of its board of directors in Italy on Monday, Ferrari have released the following statement: "Maranello, October 27th, 2008 - The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to...
After a meeting of its board of directors in Italy on Monday, Ferrari have released the following statement:
"Maranello, October 27th, 2008 - The Board of Directors of Ferrari SpA met today under the chairmanship of Luca di Montezemolo, to examine the third quarter results. Ferrari recorded 450 million in revenues (up 22.3 percent year-over-year), and a trading profit of 79 million (17.6 percent of revenues), up 41.1 percent from the 56 million figure (15.2 percent of revenues) for Q3 2007.
"The Board of Directors also examined the proposed changes to the Formula One regulations, in the light of the current global economic crisis.
"Whilst reiterating its wholehearted commitment to a substantial and needed reduction in costs in Formula One, starting with propulsion, the Ferrari Board of Directors expressed strong concerns regarding plans to standardise engines as it felt that such a move would detract from the entire raison of a sport with which Ferrari has been involved continuously since 1950, a raison d'etre based principally on competition and technological development.
"The Board of Directors expressed the opinion that should these key elements be diminished, it would have to re-evaluate, with its partners the viability of continuing its presence in the sport."
In response to the Italian team's statement, the FIA issued the following press release:
"The FIA has noted the press statement issued by the Ferrari Board of Directors. It seems the Ferrari Board were misinformed. The FIA has offered the teams three options, one of which is the so-called standard engine, and another that the manufacturers should jointly guarantee to supply power trains to the independent teams for less than €5m per season.
"The FIA is delighted by Ferrari's financial success and hopes this will be maintained. However a number of teams find themselves facing costs which greatly exceed income. This is not sustainable.
"It is now for the manufacturers to agree one of the three FIA options or themselves produce concrete proposals to reduce costs to a sustainable level.
"If neither happens, the FIA will take whatever measures prove necessary to preserve a credible world championship for both drivers and constructors."