Ferrari has threatened to quit Formula One if motorsport’s world governing body goes ahead with a budget cap and a two-tier system for regulating team cars.

The directors of the Italian national team, the only constructor to have been involved in the F1 world championship since it began in 1950, accused the Fédération Internationale de l’Automobile of disregarding the rules of the sport over the past 25 years and its contractual obligations to Ferrari.