Ferrari CEO Sergio Marchionne has reiterated his Formula 1 team’s quit threat from the sport remains in place unless the Scuderia can find “acceptable solutions” with Liberty Media.

F1 presented its key proposal points in a meeting with all 10 teams and the FIA leading up to the Bahrain Grand Prix, outlining five key areas which it is looking to implement, including the next set of power unit regulations, a cost cap, and a more even revenue distribution between participating teams. 

Ferrari issued its latest F1 quit threat last November after an initial blueprint of 2021 engine plans was revealed, and Marchionne warned the Italian manufacturer would pull the plug on its long-standing presence in F1 if it becomes "distorted" into more of a “spectacle than a sport”.

"If F1 becomes more of a spectacle than a sport, if we go in the direction of NASCAR races, then Ferrari will leave,” Marchionne is quoted as saying by Italian media, via AFP.

"If there are any proposals that distort F1, I think Ferrari will pull out. We are working with Liberty Media to find acceptable solutions."

Under the proposal put forward to teams in Bahrain last week, Ferrari's long-standing bonus is set to be slashed from $100 million per year to just $40m, with the Italian marque receiving an additional $10m per year for being an engine manufacturer.

The structure will also see a more equitable distribution of prize money, with smaller gaps in the revenue received between the teams at the front and the back of the grid.

A budget cap of $150m per year is also set to come into force from 2021 - a measure Ferrari is known to be uneasy about - in a bid to create a more balanced playing field up and down the grid.

“We had a proposal from Liberty 10 days ago, we expect to know the details and then we will make choices in the interest of Ferrari," Marchionne said.

"We could look for alternative solutions, it's not a threat, but it does not mean we stop shopping. Some people want a less technological approach, but we and Mercedes have the will to maintain a high standard.”

Reigning world champions Mercedes said Liberty’s proposal “was a good starting point” but admitted the projected budget cap of $150m is an “unachievable” figure for the German manufacturer which has dominated the V6 turbo era.

Red Bull team principal Christian Horner, who has called on F1’s next set of rules to be set in stone as soon as possible, said Liberty’s plans would have “a much bigger effect” on teams running at the front of the grid, adding:

“The guys from P4 downwards are potentially going to get a lot of upside. So you should see some fairly happy faces down that end of the paddock.”

Nine-time constructors’ champions Williams has fallen down F1’s pecking order in recent years and has openly admitted it cannot compete with the budgets the sport’s leading teams boast. 

But deputy team principal Claire Williams responded to the 2021 meeting by saying she wanted to “crack open some champagne”. 

“There's always going to be winners and losers in this situation,” she added. “Sometimes it's about compromise if we're to protect the future health of this sport. If we can get these new regulations then I know that Williams' future is safe."

Additional reporting by Luke Smith.