Ferrari president Luca di Montezemolo is convinced the Italian marque can find the same level passion in other racing series if it leaves Formula 1.

The Maranello-based squad, the most emblematic team in the sport, said on Tuesday it will pull out of Formula 1 if the budget cap regulations introduced by the FIA for 2010 stay in place.

The threat was followed today by one by Renault, who also said it will reconsider its position.

Ferrari said on Thursday it had received "numerous" messages of support from its fans, to which di Montezemolo responded on the car maker's official website.

The Italian said if Ferrari quit F1, it would continue to race elsewhere with the same level of enthusiasm.

"I want to thank you personally for the numerous messages of support we received from all over the world over the last hours on our website and via email," di Montezemolo wrote.

"It is important to know that we can count on the support of our fans all over the world and that our fans completely share the motivations, which brought us to take such a decision.

"If we were forced to leave the Championship we were part of over the last 60 years of our history and where we set all the records in terms of victories, it is because they want to change the nature of its founding values.

via Autosport