Formula One stands on the brink of anarchy following Ferrari's confirmation today of their withdrawal from the sport from 2010 unless there are fundamental changes to the new regulations.

Ferrari have made it clear this is no posturing from their side, but a very real threat to end their 60-year involvement with F1.

Their position follows a meeting of Ferrari's board of directors in Maranello today, and comes ahead of planned showdown talks with FIA president Max Mosley, potentially later this week in London.

Mosley sparked a furore a fortnight ago by announcing a £40m budget cap would be introduced from next year, with a dual purpose of attracting new teams and curbing costs of the ten present.

However, that would lead to a two-tier F1, with initial murmurings of discontent having developed into vehement opposition.

With May 29 the deadline for entries for next season, Toyota were the first to state they would be unlikely to commit by then if no resolution was found.

That was followed by Red Bull/Toro Rosso owner Dietrich Mateschitz unequivocally announcing his position yesterday, confirming neither of his teams would enter for 2010 if the rules remained unchanged.

Now Ferrari, the most iconic and successful motor-racing brand and with millions of fans worldwide, have joined the growing chorus of disgust at Mosley's plans.

A strongly-worded statement issued by the team, pulled no punches as it read: "For the first time ever in Formula One, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters.

"The board consider that if this is the regulatory framework for Formula One in the future, then the reasons underlying Ferrari's uninterrupted participation in the world championship over the last 60 years - the only constructor to have taken part ever since its inception in 1950 - would come to a close."