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Ferrari's F1 quit threat is real, warns Bernie Ecclestone

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Could Ferrari quit Formula 1? (1:57)

ESPN's Jennie Gow and Sam Collins discuss whether Ferrari could potentially quit Formula 1 at the end of the season. (1:57)

Ferrari's threat to quit Formula One over the sport's proposed future regulations should be taken seriously by Liberty Media, according to former F1 boss Bernie Ecclestone.

Liberty and FOM recently revealed a blueprint for projected changes to F1's power unit regulations for 2021 with the aim of producing simpler, cheaper and louder engines. Mercedes and Renault expressed doubts over the new plans, while Ferrari president Sergio Marchionne said F1's most recognisable team "will not play" unless circumstances are favourable.

Ferrari has issued a number of quit threats in the past and failed to carry them out, but former F1 CEO Ecclestone believes the Scuderia's latest warning should not be taken lightly.

"If they can't win, they will put forward new regulations," Ecclestone told The Independent. "If the regulations come out where Ferrari think it is going to be a struggle and they can't support the money then they will leave."

F1 chiefs and team bosses will gather for a Strategy Group meeting on Tuesday to discuss further plans regarding the future vision of the sport, with the introduction of a budget cap to cut spending understood to be high on the agenda.

"They don't want budget caps and all that," Ecclestone added. "They want to spend what they can afford to spend and I've always said the same thing. If people can't spend they have to go.

"If there are then only three or four teams something would have to be done but until that actually happens nobody is going to do anything. All the teams that say they can't afford it shouldn't put an entry in."