Red Bull Racing has confirmed it will withdraw from the Formula One Team's Association, as revealed by AUTOSPORT earlier today.
The team, however, says it remains committed to cost-cutting in Formula 1, despite the row over the Resource Restriction Agreement being one of the reasons why both Red Bull and Ferrari have decided to leave the body.
Red Bull's confirmation comes moments after Ferrari had also said it was leaving the teams' organisation.
"Red Bull Racing can confirm it has served notice to withdraw from FOTA (Formula One Teams' Association)," said Red Bull in a statement.
"The team will remain committed to finding a solution regarding cost saving in Formula 1."