Ferrari and Red Bull quit FOTA
December 09, 2011
The Formula One Teams Association has been rocked by the resignation of Ferrari and Red Bull Racing amid an ongoing row over how best to reduce costs in the sport.
The teams, two of FOTA's most high-profile members, confirmed their intention to withdraw from the organisation on Friday afternoon, with Ferrari claiming "FOTA's drive has run its course".
Ferrari and Red Bull have been critical of FOTA's failure to bring the teams together in agreement on the sport's Resource Restriction Agreement (RRA), which aims to cap the spiralling costs of competing in the sport.
Both teams insist that they remain committed to helping F1 reduce costs.
"I can confirm this is the case," a FOTA spokeswoman said. "We are trying to arrange a meeting to sit the teams around the table and see where this takes us."
Ferrari outlined their reasons for withdrawing from FOTA in a statement.