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Ferrari head Montezemolo urges F1 to cut costs

Ferrari president Luca Di Montezemolo is urging Formula One to look into immediate cost-cutting strategies.

The series has seemed largely immune to the European financial crisis.

On Wednesday, Montezemolo says on Ferrari's website that F1 cannot "ignore" the crisis anymore and "we need to tackle urgently and with determination the question of costs."

Ferrari was among the first to quit the teams' association last year in a dispute over cost reductions.

The teams are in discussions with motorsport's governing body — the FIA — over a new contract. The current deal runs out at the end of the season.

Montezemolo adds "Ferrari is in agreement with the FIA's position that drastic intervention is required ... the question has to be tackled at the highest level, without further delay."

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