Ferrari’s threat to quit Formula 1 over Liberty Media’s future plans for t꧂he sport remains “serious”, according to chairman Sergio Marchio💎nne.

Ferrari is the only team to have raced in every F1 season since 1950 and is the sport’s most recognisable and succes🍸sful br🎀and.

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,𒊎 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 ﷺbrand, 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 whichꦆ 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 Sauber expires in 2020-2021, right when Ferrari could l🔯eave.

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

Liberty is set to outline to teams its future plans for F1 in the coming mon𒊎ths, with a more e🌄ven distribution of prize money known to be under consideration in a bid to even out the field.

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