Ferrari Fail in Budget Cap Appeal

News has just been released that that Ferrari's court appeal against the £40 million budget cap regulations for next year has failed.

The regulation proposal by the FIA has prompted the Maranello team to issue several statements outlining their intention to leave the sport should the budget cap be bought in next year.  Ferrari fears that the regulations could see the sport enter a two-tier era.

Echoing the Italian teams view on the system, due to be introduced at the start of the 2010 season were ING Renault, Red Bull, and Toyota, who have released similar "quit" statements overthe last two weeks.

Since the release of the statements however, the FIA and Bernie Ecclestone have admitted that they too believe that a two-tier championship is not attractive and have vowed to have all teams racing under the same regulations.

All 10 F1 team bosses are set to meet in Monaco ahead of this weekend's Grand Prix where they will also hold discussions with Mosley.

Commenting today on a leaked F1 entry list for 2010, Ferrari said: "Wirth Research, Lola, USF1, Epsilon Euskadi, RML, Formtech, Campos, iSport: these are the names of the teams, which should compete in the two-tier Formula One wanted by Mosley. 

Can a World Championship with teams like them—with due respect—can have the same value as today's Formula One, where Ferrari, the big car manufacturers and teams, who created the history of this sport, compete? Wouldn't it be more appropriate to call it Formula GP3?"

Ferrari, Red Bull, Toyota, and ING Renault are not expected to submit entries to the 2010 championship by the May 29 deadline.