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Ferrari, Red Bull pull out of FOTA

ROME – Ferrari and Red Bull are pulling out of the Formula One Teams Association, saying the body is no longer effective in dealing with key issues such as reducing costs in the sport.

Ferrari said on its website Friday that it informed FOTA president Martin Whitmarsh about its decision, which it said was made "reluctantly" and was caused by a "stalemate" among the teams on how to move ahead on several issues.

Red Bull then issued its own statement saying it was pulling out as well.

Ferrari said it will continue to work with other teams to find ways of reducing costs, an issue that has been increasingly contentious in recent years.

"It is now necessary to find some new impetus to move it along, because FOTA's drive has run its course," Ferrari said.

The Italian team said Formula 1 is going through a delicate period "like the rest of the world."

Like Ferrari, Red Bull, the reigning constructors' champion, has been disappointed by FOTA's failure to bring teams together over cost-cutting strategies. But it said it will "remain committed to finding a solution regarding cost-saving in Formula One."

Last season, FOTA represented 11 of the 12 teams on the F1 grid, with Hispania Racing the only one not in the organization.