As general information, Ferrari and Renault are the big names in Formula One. Specially Ferrari, that has been in the sport since its existence in 1950. However, the Fédération Internationale de l'Automobile - International Automobile Federation (FIA) announced their new rules and regulation for Formula One that could result into Ferrari and Renault leaving Formula One championship race for next year. The new FIA regulations would limit spending at $60 million, not including driver salaries, engine costs and marketing expenses.
However, this budget isn't enough for Ferrari to develop their new Scuderia Ferrari F60 for next year. So, Ferrari announced that it won't enter next season's Formula One world championship unless FIA's new regulations are provoked. The Prancing Horse company also said that it was "disappointed" by the way that FIA adopted the measures and its refusal to reach an understanding with constructors and teams. "The same rules for all teams, stability of regulations, the continuity of the FOTA's endeavours to methodically and progressively reduce costs, and governance of Formula One are the priorities for the future," said Ferrari in a statement.
Just like Ferrari, Renault too are upset about the new rules. So Renault also threatens FIA to quit the next Formula One season if they don't pull out the new limits. Because capping the budget, would mean that Renault can't put their new R29 F1 into the next championship race.
On the other side, FIA President, Max Mosley, believes that the new spending limits would first allow more teams to enter the championship, and also keeps the competition even closer. But at what cost is this rule keeps the big companies? So, FIA and the FOTA teams are going to have a meeting to discuss the issue.
Source : [Ferrari, Renault, F1-Live]