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Ferrari displeased with budget cap idea

Updated: May 12, 2009, 3:40 PM ET
Associated Press

MILAN, Italy -- The storied Ferrari team threatened to not race in Formula One next season unless the sport's governing body revokes its new budget cap.

The Italian team, which has been involved in all 60 seasons of F1 competition, said Tuesday the new FIA guidelines were arbitrary and would set a double standard.

"The same rules for all teams, stability of regulations, the continuity of ... endeavors to methodically and progressively reduce costs, and governance of Formula One are ...

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