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

Ferrari is the only ꦉteam 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 ♏ꦕ2020 should it not agree with Liberty’s plans for F1, amid suggestions it could be set for a reduction in prize money.

Marchionne was present at a press 🐬conference on Saturday unveiling 🧔the new partnership 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 Sauber press conference on Saturday.

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

“We have to find a solution which is good for the sport, but we also have to be clear on the t✤hings 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 distribution of prize money known to be under consideration in 💝a bid to even out the field.

Ferrari currently receiv𓂃es more revenue from F1 than any other team thanks to a bonus for its commitment to t💫he sport that no other outfit receives.