Ferrari, Red Bull quit FOTA

Formula One teams Ferrari and Red Bull have broken off their association with the Formula One Teams Association (FOTA), bringing into question the body's future.

Both teams are frustrated that the organisation has failed to reach an agreement on the Resource Restriction Agreement (RRA) which caps the teams' spending.

"FOTA's drive has run its course," read a Ferrari statement.

"Ferrari will continue to work with the other teams to make the current RRA, aimed at controlling costs, more effective and efficient, modifying it to make it more stringent in key areas such as aerodynamics, to re-balance some aspects such as testing and to expand it to areas currently not covered, such as engines."

A Red Bull statement added: "The team will remain committed to finding a solution regarding cost-saving in F1."

The organisation, which was only formed in 2008, now only counts nine of the 12 F1 teams as members.