Ferrari chief voices cost concerns

Ferrari president Luca di Montezemolo has called for urgent action to be taken with regard to cost control in Formula One.

The sport has so far proven immune from the financial crisis ongoing across Europe, notably with regard to the debt situation in Spain.

F1 has yet to draw up plans for a successor to the resource restriction agreement that hastened the break up of FOTA (Formula One Teams' Association) last year.

Ferrari was the key marque to quit, along with Red Bull, and now with a June 30 deadline fast approaching for the FIA to formulate a new financial plan, Di Montezemolo has spoken out.

"The world economic situation, and that of Europe in particular, is very serious and the world of Formula One cannot ignore the fact," said Di Montezemolo on Ferrari's official website.

"We cannot lose any more time. We need to tackle urgently and with determination the question of costs.

"Ferrari is in agreement with the FIA's position that drastic intervention is required.

"We are absolutely convinced that, as I have always said, the teams and the commercial rights holder (Bernie Ecclestone) must work together with the Federation on this front.

"This is no longer the moment for getting bogged down in sterile discussions or the meanderings of engineers, usually only concerned in defending the interests of someone or other.

"The question has to be tackled at the highest level, without further delay."