MOTOR SPORT:THE MONACO Grand Prix is traditionally the location where Formula One puts its best foot forward, cranking the glamour factor to maximum for the benefit of potential cash cows helicoptered in for a weekend of glad-handing on the corporate superyachts.

Political manoeuvring, veiled threats and insults are the backstairs stories Monaco is not supposed to air.

This year, though, in the wake of Ferrari’s failed quest in Paris for an injunction against the FIA’s proposed budget cap for 2010, that gossip dominates, especially as free practice once again resulted in the all-too predictable name of Nico Rosberg atop the timesheets.

Ferrari’s reaction to the Paris court ruling in favour of the FIA on Wednesday brought a double-stinging response, first in the shape of a bitter riposte on its website calling for the sport to be rechristened Formula GP3, and then more officially with a statement in which the team reiterated its threat to quit the sport.

“While continuing to evaluate whether or not to continue with this legal action already under way, Ferrari confirms its commitment to work within Fota in conjunction with the FIA and the commercial rights holder to ensure that Formula One is a series where the rules are the same for everyone and which benefits from stability in the regulations, while continuing the work of the past few months in moving forward methodically and gradually towards reducing costs,” the team statement read.

“If it is not possible for all parties to reach agreement, then in line with the decision of the main board, taken on May 12th, Ferrari will not enter its cars in a competition that, with the planned scenario in place, would see a watering down of the characteristics that have endowed Formula One with the status of the most important motor sport series and that have specifically led to the Maranello marque’s uninterrupted participation in the world championship since 1950.”

That suggests Ferrari will appeal the court decision, which could push the team’s decision to lodge an entry for the 2010 season beyond the available window which closes this day week.

That was acknowledged by F1 ringmaster Bernie Ecclestone who admitted the number of entries lodged by the close of the process could be dismally low.

“We’ll have to wait and see but I think the majority probably won’t put an entry in,” he said. “We don’t want to lose Ferrari. I hope it’s unlikely. I am concerned, though. I don’t want them leaving. I don’t think anybody does.”

For the first time, too, drivers weighed in to the argument with Renault’s Fernando Alonso speculating that this weekend could be his final Monaco Grand Prix. “I don’t know if this will be my last time in Monaco, ” he said.

“For me, it is strange that no one sat down and thought how we are damaging the sport, how much damage the sport has had in the last two months,” he added.

It was hardly the most thrilling day for Alonso on track in Monaco anyway. The Renault driver finished the day’s preparatory work in ninth position, with by now perennial Friday hotshoe Nico Rosberg topping the afternoon timesheet.

Ironically, it was Ferrari who looked most surefooted on the winding streets with Felipe Massa fifth and Kimi Raikkonen eighth.

If only it were so simple for the embattled marque off the track.