Thaindian News

London, Dec 3 (IANS) Ferrari and World Champions Red Bull Racing have withdrawn from the Formula One Teams Association (FOTA) over differences with the organisation in reducing costs in the expensive sport.

Both Ferrari and Red Bull walked out of FOTA after failing to reach a consensus on Resource Restriction Agreement (RRA), which aims to make the sport more efficient. Hispania Racing Team had already pulled out of the organisation at the start of the year.

“It was a difficult decision and a great deal of thought went into it,” said Ferrari in a statement.

“It was taken reluctantly after analysing the current situation and the stalemate when it came to debate on some issues that were at the core of why the association was formed.

“Ferrari will continue to work with the other teams to make the current RRA, Resource Restriction Agreement, aimed at controlling costs, more effective and efficient, modifying it to make it more stringent in key areas such as aerodynamics, to re-balance some aspects such as testing and to expand it to areas currently not covered such as engines.”

Red Bull confirmed their withdrawal from FOTA and said they would continue to work towards reducing costs in F1.

“Red Bull Racing can confirm it has served notice to withdraw from FOTA,” the Red Bull Statement said.

“The team will remain committed to finding a solution regarding cost saving in Formula One.”

McLaren team principal Martin Whitmarsh is the current president of FOTA.