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Just five days after the end of the 2011 season, both Ferrari and Red Bull Racing have revealed they have given their notice in to leave the Formula One Teams’ Association, after failing to reach agreements on key issues. Red Bull released a simple statement of two sentences, confirming the news and adding: “The team will remain committed to finding a solution regarding cost saving in Formula 1.”
Ferrari had more to say on the matter, in their own statement, including: “It was a difficult decision and a great deal of thought went into it. 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.”
The most recent argument has been over the Resource Restriction Agreement - a pact aimed at cutting costs and limiting testing, engines and aerodynamic work - with parties unable to reach a suitable agreement. Although, as Red Bull already said, and Ferrari echoed, they do still want to work on finding a solution.
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References Infiniti Red Bull Racing, Red Bull Racing, Red Bull Racing
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