Dec.3 (GMM) Ferrari and Red Bull have pulled out of the formula one teams association FOTA.

Both the top teams separately confirmed the news, with a FOTA spokeswoman saying: "We are trying to arrange a meeting to sit the teams around the table and see where this takes us."

The move follows a disagreement about the future of FOTA's voluntary cost-cutting resource restriction agreement.

"(Red Bull) will remain committed to finding a solution regarding cost saving in F1," the reigning world champion team said in a statement.

Ferrari confirmed its decision was made due to the "stalemate" over "some issues at the core" of FOTA's purpose.

"FOTA's drive has run its course, despite the excellent work of current president, (McLaren team boss) Martin Whitmarsh in trying to reach agreement between the various positions for the common good," added the famous Italian team.

The Spanish team HRT quit FOTA early this year.

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