Ferrari’s threat to quit Formula 1 over Liberty Media’s future plans for ﷽the sport remains ♚“serious”, according to chairman Sergio Marchionne.

Ferrari is theಌ only team to have raced in every F1 season since 1950 and is the sport’s most recognisable and successful brand.

However, Marchionne said 🦩last month that Ferrari would not hesitate to exit the sport at the end of its existing contract in 2020 should it not agree with Liberty’s plans for F1, amid suggestions it could be set f🍸or a reduction in prize money.

Marchionne was present at a press conference on Saturday unveiling the new 𒉰pa🎃rtnership between Sauber and Ferrari’s sister brand, Alfa Romeo, but said the deal was not a signal that his stance had changed.

“The dialogue has started and will continue to evolve. We have time until 2020 to find a solution which benefits Ferrari,” Marchionne said at the Alfa Romeo Sau𒁏ber press conference on Saturday.

“The threat of Ferrari leaving Formula 1 is serious. The agreement with Sauber expires in 2020-2021, right ꦚwhen Ferrari could leave.

“We have to find a solution which is good for the spꦡort, but we also have to be clear on the things we can’t back down on.”

Liberty is set to outline to teams its future plans for F1 in the coming months, with a more even dist𓃲ribution of prize money known to be under c🌺onsideration in a bid to even out the field.

Ferrari currently receives more revenue from F1 than any other team thanks 💟to a bonus for its commitment to the sport tha🔴t no other outfit receives.