Ferrari president Sergio Marchionne has said the team could quit Formula 1 if they do not approve of the direction taken by new owners Liberty Media.

The Ferrari chief pinpointed proposals for a new engine design from 2021 as he made the threat in a conference call with investors.

Marchionne said F1 had been “part of our DNA since the day we were born”.

But he added: “If we change the sandbox to the point it becomes unrecognisable, I don’t want to play any more.”

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His concerns follow objections from both Mercedes and Renault over plans for a new engine design that were presented jointly on Tuesday by governing body the FIA and the F1 Group, which was bought by Liberty earlier this year.

Like most other teams, Ferrari is committed to F1 contractually until 2020 but has nothing tying it to the sport after that…

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