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Ferrari's board was misinformed when it threatened to pull out of Formula One if standard engines for all teams were brought in from 2010, the sport's governing body said on Tuesday.

Ferrari's board said on Monday it would review the team's presence in Formula One if the plans went ahead as they "would detract from the entire raison d'etre" of the sport where technological competition is key.

Toyota have also suggested they would consider pulling out if the proposal was adopted.

The International Automobile Federation (FIA) tried to calm worries.

"It seems the Ferrari Board were misinformed," a statement read.

"The FIA has offered the teams three options, one of which is the so-called standard engine, and another that the manufacturers should jointly guarantee to supply power trains to the independent teams for less than five million euros (4 million pounds) per season."

Ferrari president Luca di Montezemolo, also head of the Formula One Teams Association (FOTA), recently met FIA chief Max Mosley to discuss cost-cutting measures brought on by the global financial crisis.

CONCRETE PROPOSALS

"It is now for the manufacturers to agree one of the three FIA options or themselves produce concrete proposals to reduce costs to a sustainable level," the FIA statement added.

"If neither happens, the FIA will take whatever measures prove necessary to preserve a credible world championship for both drivers and constructors."

Toyota team president John Howett echoed Ferrari's concerns.

"The issue is we don't want a standard engine," he told www.autosport.com.

"If it is forced through, then (quitting) is not a decision we will take here, it will be taken by the board in Japan, but they want a degree of differentiation between teams."

Formula One supremo Bernie Ecclestone has backed the standard engine proposal but some pundits say the FIA's stance may be part of a familiar carrot-and-stick approach to persuade the teams to swallow a more palatable alternative.

"We are not interested in producing the same engine -- it does not add any value for a manufacturer," Howett added.

"It is really too early to speculate what will happen. We have to see whether the FIA listens to FOTA's opinion, and whether or not the regulations change for F1."

The season ends with Sunday's Brazilian Grand Prix. McLaren's Lewis Hamilton leads Ferrari's Felipe Massa by seven points heading into the race.

(Source: Reuters)