Binotto: We keep the veto right which is important for Ferrari

No surprise Ferrari were quick to sign the new Concorde Agreement that binds Formula 1 until 2025, as they retain the right to veto future rules and regs; the trade-off perhaps accepting the budget cap as part of the new deal signed by all ten teams this week.

The Italian team have always enjoyed the upper hand when it comes to negotiations with their mighty veto power that they can use should the need arise, which in essence means nothing has changed on that front.

During an interview with Sky F1, Binotto stated, “We at least got what was essential for us. Which was to still keep what’s the importance of the condition of our brand for the importance of the F1.

“We have maintained what we call the protection right, or the veto right, which is important for Ferrari because what Ferrari represent for the entire F1 and the history. So overall, yes, satisfied.

“You can always get more, you can get less, but what has been achieved is an important result.”

“All the 10 teams have signed which is very positive showing that we are all willing really to look positively at the future of F1,” added the Ferrari team principal.

“Now I think we’ve got the right basis it’s really a matter of making F1 even more spectacular, stronger, and we need to do it all together,” added the Ferrari team principal.

The next era Formula 1, set for 2022, will see teams operate under a budget cap which at one point Ferrari, particularly the late Sergio Marchionne, questioned as the thinking is that monitoring the expenditure of all ten teams will be a monumental exercise for the rule-makers.

All this under the premise of levelling the playing field, bridging the gap between the haves and have-nots, ignoring the history of motorsport which in maths terms is pretty simple: the more you spend the bigger your trophies. Will it even balance things out?

Binotto weighed in, “Maybe at the very start still we may see discrepancies, but I think that looking on the next seasons certainly there will be a convergence. Economical budgets are reduced compared to today.

“The cars are simpler, so we will come to a convergence and, yes, it may have more battles, more teams winning,” added the Ferrari team boss.