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Last Updated: Tuesday May 12 2009 15:58 GMT

Ferrari may quit F1 next season

Newsround's Ricky

Ricky finds out why Ferrari may quit F1

One of the most famous teams in Formula One, Ferrari, may not be on the starting grid for the 2010 season.

Ferrari has said it will not take part in the sport next season if planned big changes to the rules go ahead.

F1 bosses want the sport to be cheaper for new teams, so have asked teams to only spend £40m per season.

Teams that agree to the spending cuts will drive under different rules to the teams that don't, which has angered the top people at Ferrari.

They think the sport will be damaged if some teams are working to one set of rules and some are working to a different set.

The teams that do agree to work within a budget of £40m a season will have more technical freedom.

More technical freedom

That means the rules that govern the shape of their cars will be different, and they'll be allowed to spend much more time testing their designs.

Experts think that only teams that used that technical freedom would be able to win races, forcing all teams to agree to the £40m budget.

Ferrari are the only team to take part in Formula One every season since it started back in 1950.