CEO says Ferrari keeping controversial veto power

Louis Camilleri
Louis Camilleri

(GMM) Ferrari CEO Louis Camilleri has confirmed that the Maranello team is keeping its controversial veto rights in 2021 and beyond.

It was rumored that the historical and unique veto had been negotiated out of the next Concorde Agreement, which is yet to be signed by the teams.

Ferrari has refrained from being a loud public voice amid the negotiations.

"We don't need to," Camilleri told the Financial Times.

"Everyone, including our direct competitors, realizes that Ferrari is key to F1 and F1 is key to Ferrari. If Ferrari were to exit F1, would it be the same thing? I don't think so."

As for the ability to veto any rule changes it disagrees with, Camilleri says Ferrari is keeping that power.

"We have retained the right of veto, which is crucial to us," he is quoted by Germany's RTL. "But it is also important for Formula 1 overall.

"Some teams think the veto is anachronistic and should come to an end, while others think it's a good idea to have a leader in the room," Camilleri added.

As for the 2021-2025 Concorde Agreement more generally, he said: "Things will have to move.

"We agree on the basic principles, but there is still a lot to do.

"We will ensure that Formula 1 remains the premier category, with ample room for technological creativity, which has historically been a key driver of Formula 1," Camilleri said.

"A year ago, standardized parts were rejected, and that's good."

It is believed that F1 CEO Chase Carey has been presented with a letter from the teams in the past days requesting that Liberty Media pay the teams more of the sport's income.

But Camilleri says Liberty is at least being more equitable than in the Bernie Ecclestone days.

"That was Bernie's way," he said. "There's a much fairer allocation now in terms of the economic sustainability of F1, it's much better."

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