Mike Stevens | May 12, 2009

The furore surrounding Formula One’s proposed 2010 budget cap is set to heat up after Ferrari announced its Board will meet tonight to discuss the manufacturer’s racing future.

Ferrari President Luca di Montezemolo is opposed to the FIA’s new regulations and believes their introduction breaches an agreement signed in 2005 which hands Ferrari ‘veto’ rights on any rule amendments, according to Autosport.

A steamed-up di Montezemolo has hinted Ferrari may consider other options outside of Formula One, with a return to sportscars and Le Mans touted as a likely alternative, unless the FIA eliminates the potential for a ‘two-tier’ championship next season.

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Despite Ferrari’s threats, FIA President Max Mosley has refused to back down, declaring Formula One “could survive” without the Italian squad, escalating tensions between the automaker and the sport’s administrator to an all-time high.

With the controversy now reaching boiling point, F1 supremo Bernie Ecclestone has attempted to mediate the feud, suggesting Mosley’s remarks were unintended.

"I don't think Max really meant what he said, he was just having a go at (Ferrari president) Luca (di Montezemolo) a little bit," Ecclestone said.

"It’s one of those things where Formula One is Ferrari and Ferrari is Formula One. It's just a marriage made in heaven, one of those super things that work well."

Ferrari though is not alone in voicing concerns over the sport’s future, with Toyota and Red Bull prepared to boycott the May 29 entry deadline for next season.

It is believed members of the Formula One Teams Association (FOTA) are supportive of this stance, although backing isn’t unanimous throughout the grid.

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Williams boss Sir Frank Williams has told Germany’s Auto Motor und Sport his team is not prepared to risk its future by linking forces with the major manufacturers, despite opposition to the regulations.

“We race, what else can I do?” he said when asked about participating in a boycott.

Renault and BMW are also reported to be considering their options, although the former’s boss, Flavio Briatore, said the French manufacturer remains committed to Formula One at this stage.

“I've been to the President of Renault in Paris and he confirmed to me that F1 is a priority for the group,” he said to Spain’s Sport newspaper.

Ecclestone remains convinced however that an agreement will be reached before teams take any drastic measures and allow the situation to descend into chaos.

"We're trying to save them (the teams) from stupidity,” he said. "All we're simply doing is trying to reduce the necessity to spend to be competitive.

"They can pay the drivers what they want, have bigger motorhomes, but we don't need them to spend money on racing unnecessarily."

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