Di Montezemolo: Ferrari Won't be in F1 'at all Costs'

Ferrari president Luca di Montezemolo has warned that the Italian team is not obliged to stay in Formula One at all costs, however stating that it is their intention to continue participating in the sport.

"We are evaluating what is happening and what will happen in the future of Formula One," di Montezemolo said in Modena today, during the presentation of the new Maserati Quattroporte.

"We don't consider ourselves prisoners of having to race in Formula One at all costs and under any conditions. For now, there is every intention to stay as we have been since 1950, when the Formula One World Championship began. But this is without the obligation of having to stay at all costs. Although, I repeat, with the intention to stay."

Ferrari are shareholders in the GPWC, along with BMW, Ford, Mercedes and Renault, and the five are currently negotiating a new agreement with the commercial rights holder, Bernie Ecclestone, while threatening to form a new open wheel racing series in 2008 should a new contract not be signed.

The automakers are primarily seeking a better distribution of revenues in Formula One.