The FIA are facing anarchy following Ferrari's threat to withdraw from the sport from 2010 unless there are fundamental changes to the new regulations.
Ferrari have made it clear this is no posturing from their side, but a very real threat to end their 60-year involvement with F1.
Their position follows a meeting of Ferrari's board of directors in Maranello yesterday, and comes ahead of planned showdown talks with FIA president Max Mosley, potentially later this week in London.
Mosley sparked a furore a fortnight ago by announcing a £40million budget cap would be introduced from next year, with a dual purpose of attracting new teams and curbing costs of the 10 present.
However, that would lead to a two-tier F1, with initial murmurings of discontent having developed into vehement opposition.
With 29 May the deadline for entries for next season, Toyota were the first to state they would be unlikely to commit by then if no resolution was found.
That was followed by Red Bull/Toro Rosso owner Dietrich Mateschitz unequivocally announcing his position yesterday, confirming neither of his teams would enter for 2010 if the rules remained unchanged.
Now Ferrari, the most iconic and successful motor-racing brand and with millions of fans worldwide, have joined the growing chorus of disgust at Mosley's plans.
A strongly-worded statement issued by the team, pulled no punches as it read: 'For the first time ever in Formula One, the 2010 season will see the introduction of two different sets of regulations based on arbitrary technical rules and economic parameters.
'The board consider that if this is the regulatory framework for Formula One in the future, then the reasons underlying Ferrari's uninterrupted participation in the world championship over the last 60 years - the only constructor to have taken part ever since its inception in 1950 - would come to a close.'
In taking umbrage with the FIA, the Ferrari board further condemned motor sport's world governing body for their undemocratic manner in bulldozing through the new rules, and for seemingly reneging on past agreements.
'The board also expressed their disappointment about the methods adopted by the FIA in taking decisions of such a serious nature and the refusal to effectively reach an understanding with constructors and teams,' added the statement.
'The rules of governance that have contributed to the development of Formula One over the last 25 years have been disregarded, as have the binding contractual obligations between Ferrari and the FIA regarding the stability of the regulations.
'The same rules for all teams, stability of regulations, continuity of the FOTA's (Formula One Teams' Association) endeavours to methodically and progressively reduce costs, and governance of Formula One are the priorities for the future.
'If these indispensable principles are not respected, and if the regulations adopted for 2010 will not change, then we do not intend to enter our cars in the next Formula 1 World Championship.'