Ferrari, Red Bull withdraw from FOTA

Ferrari and world champions Red Bull have both decided to withdraw from the Formula One Teams Association, the organisation announced on Friday, amid a row over how to reduce costs in the sport.

Ferrari and world champions Red Bull have both decided to withdraw from the Formula One Teams Association (FOTA), the organisation announced on Friday, amid a row over how to reduce costs in the sport.

The teams confirmed their intention to pull out on Friday afternoon, with Ferrari claiming "FOTA's drive has run its course."

Both teams, two of the most high-profile in the sport, have criticised FOTA's failure to find agreement over the Resource Restriction Agreement (RRA), which aims to cut F1's growing costs.

A statement from Ferrari said: "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."