Ferrari chairman threatens withdrawal from Formula 1

Ferrari chairman Luca Di Montezemolo has warned that they could withdraw from Formula 1 in the future.

Montezemolo is not pleased with technological changes in the sport that have taken place in recent times.

"If Formula 1 is not anymore an extreme technology competition, where the technology can be transferred to the road car, maybe we can see Formula 1 without Ferrari," he told CNN.

"But we will never see Ferrari without competition and sporting challenges," Montezemolo added.

Montezemolo has been at the helm of Ferrari since 1991.