Ferrari will not be a part of Formula One from next season after the team pulled out over its objection to a spending cap, it has been confirmed.
The famous and popular Italian firm made its intentions known in a statement on the team's website, which read: "We confirm our opposition to the new technical regulations adopted by the FIA and do not intend entering our cars in the 2010 F1 Championship."
Plans to impose a £40 million budget cap on teams from next year have angered many of the big names in the sport, and Ferrari's decision will place added pressure on FIA president Max Mosley to find a compromise.
Toyota boss John Howett made his position known before the Spanish Grand Prix, saying his team were unlikely to commit by that deadline if the FIA pressed ahead with their plans.
Earlier this month, Max Mosley claimed earlier the sport could live without Ferrari, the sport's most famous, most successful, and longest-tenured team.
Ferrari are the only team to have contested every season of the world championship since the modern format was introduced in 1950.
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