Ferrari pulls out of FOTA
Updated: December 02, 2011, 10:07
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ROME(AP) Ferrari says it is reluctantly pulling out of FOTA, the association made up of teams competing in Formula One.
The Italian team says on its website on Friday that it has informed FOTA president Martin Whitmarsh.
The decision is partly over a "stalemate'' on some issues at the core of the group's founding.
Ferrari says it will continue to work with other teams on the FOTA goal of cost reduction, notably the Resource Restriction Agreement.
Ferrari says it is going through a delicate period "like the rest of the world.''