Ferrari has reacted very swiftly to the decision of the Tribunal de Grande Instance this morning by saying in a detailed statement issued this afternoon that it is now considering taking further legal action and that if the £40 million budget cap proposal is introduced the Maranello team will stick to the decision it announced in the middle of last month to withdraw from grand prix motor racing and end an uninterrupted participation since the F1 World Championship was created in 1950.

"The existence and validity of Ferrari’s right of veto, as sanctioned in a written agreement with the FIA Senate, were recognised by the Court, as was the fact that this dispute is of a contractual nature. Consequently, it was also recognised that the dispute was not a matter for the internal tribunal of the FIA, but rather a matter for normal civil courts. The Court believed that the right of veto should have been exercised during the World Council meetings of 17th March and 29th April. It therefore chose to let the civil law courts rule on the urgency of the matter.

"Such a decision, which is not prejudicial to the outcome of the matter, allows the FIA to impose on those teams entered in the 2010 world championship, regulations that have been drawn up unilaterally without respecting the agreed procedures. In the final analysis, Ferrari has been forced to use its right of veto, in defence of its own interests and those of all the teams participating in the Formula 1 World Championship. While continuing to evaluate whether or not to continue with this legal action already underway, Ferrari confirms its commitment to work within FOTA in conjunction with the FIA and the Commercial Rights Holder to ensure that Formula 1 is a series where the rules are the same for everyone and which benefits from stability in the regulations, while continuing the work of the past few months in moving forward methodically and gradually towards reducing costs.

"If it is not possible for all parties to reach agreement, then in line with the decision of the Main Board, taken on 12th May, Ferrari will not enter its cars in a competition that, with the planned scenario in place, would see a watering down of the characteristics that have endowed Formula 1 with the status of the most important motor sport series and that have specifically led to the Maranello marque’s uninterrupted participation in the world championship since 1950. In this situation, Ferrari will continue to compete in races of a calibre worthy of the marque, matching its level of innovation and technological research."