Montezemolo: I never said that Ferrari would pull out of F1 19 June, 2014 3 Luca di Montezemolo says that Ferrari won’t quit F1 Ferrari president Luca di Montezemolo has hit reverse gear, after he was widely quoted as having threatened to pull the Maranello team out of Formula 1. Montezemolo made the clear warning last week to the respected Wall Street Journal, as he insisted that any Le Mans foray for Ferrari by 2020 would be at the expense of Formula 1. Montezemolo has been highly critical of the new shape of the pinnacle of motor sport, and has reportedly written a letter to Bernie Ecclestone asking for a meeting with all the major stakeholders to discuss the future. But it is believed that Ferrari’s highly critical stance was discussed at length during the Formula 1 Commission meeting on Wednesday, two days later and Montezemolo is tempering his earlier remarks. Ferrari brand is synonymous with F1 “A letter to Ecclestone? I don’t need to write to him to arrange a meeting,” multiple Italian publications on Friday quoted Montezemolo, 66, as saying at a Maserati event in Modena. “I never said that Ferrari would pull out, but I do think the time has come to make a reflection on our system. I think that Ferrari [have] the duty to seek improvements for the benefit of the teams, the fans, the media and the sponsors. “And I think that, having been in Formula 1 for 64 years, Ferrari has the right to think about the future,” he added. “Formula 1 is an extraordinary sport,” said Montezemolo, “but we need to do something to make it better.” (GMM) Content on GrandPrix247.com by: staff & contributors, Reuters syndication, GMM service, Getty Images, Formula 1 teams, sponsors & organisations.