Sergio Marchionne has warned that Ferrari's Formula 1 quit threat is still very much real.
In Bahrain, the Maranello team remained notably silent as Liberty Media revealed its blueprint for the regulations beyond 2020.
However, president Marchionne has now said during a shareholders' meeting in Amsterdam: "If F1 becomes more spectacle than sport, if we go the direction of Nascar, then we leave."
Liberty's headline proposal for 2021 concerns a budget cap, but also proposed are significant changes to the engine regulations.
"If there are any proposals that distort F1, I think Ferrari will pull out," Marchionne added. "We are working with Liberty Media to find acceptable solutions."
Marchionne also indicated that fellow top team Mercedes also supports Ferrari's stance.
"Some people want a less technological approach, but we and Mercedes have the will to maintain a high standard," said the Italian-Canadian.
Ferrari go into tomorrow's Chinese Grand Prix with a 10-point lead at the top of the constructors' championship.