Ferrari not committed to F1 beyond 2012

The head of F1's most historically committed team has hinted that it might reconsider its loyalty to the FIA-sanctioned series.

Ferrari president Luca di Montezemolo was the chairman of the F1 teams' alliance FOTA, which over a rules and commercial argument with the governing body earlier this year threatened to pull out and race in a rival championship.

Ultimately, FIA president Max Mosley acquiesced and all the current teams signed a new Concorde Agreement, binding them to the official Formula One category for the next three seasons.

"We have a contract that finishes in 2012, so we have time to consider what to do next," Montezemolo said in an interview with Sky Italia's news channel TG24.

In the meantime, he said the sport "needs to renew, to revive the interest and to once again establish credibility with rules that do not change every day".

Montezemolo added that he does not like "this Formula One" of today, and vowed to organise "a day of work with the media, the sponsors and the organisers" in order to "improve" what he describes as an "extraordinary sport".