Ferrari "not ready" to sign new F1 deal

Ferrari CEO Louis Camilleri reveals that Scuderia are still a long way from agreeing a new Formula One deal beyond 2020.

Camilleri, 63, took over Ferrari following the death of Sergio Marchionne - and the late Marchionne had warned Liberty Media that if they don't make the necessary changes, then Scuderia's signature won't be guarenteed.

"Discussions are underway regarding the techincal, financial and governance aspects," Camilleri explained to La Gazzetta dello Sport. "We believe there is a basic consensus on the principle objectives that will define the future, but the precise vision as to how to get there is still quite far away.

"Progress has been made, but we are still far from an agreement that includes everything and can be signed by all the participants. 

"I remain optimistic that an agreement will be reached in time, but I would like to add that as Ferrari, we continue to insist that it cannot be to the detriment of F1 remaining as the top technical competition in motorsport.

"There are obvious conflicts of interest," the Ferrari CEO added. "Liberty wants to make more money and the teams do too, so we are all waiting a bit."

Is this just a threat from Ferrari? Would they really consider leaving Formula One after so many years at the top? This could force Liberty's hand and that perhaps is the aim with Camilleri's comments.