Ferrari CEO makes U-turn and says "Budget cap will eventually make sense"

The new CEO at Ferrari has forced the team into a major U-turn. Louis Camilleri claims the budget cap will "eventually make sense" after Ferrari previously warned they'd walk away from the sport if it was introduced.

The budget cap is set to be implemented in 2021 alongside an array of changes. Camilleri made the claim during a conference call to investors on Monday.

"I think there's been progress on the technical specifications, but in terms of the budget cap and economics, there really hasn't been any progress," Camilleri said when asked about the rule changes F1 awaits.

"Obviously the economics are also linked to the budget cap. I think that a budget cap eventually makes sense but the devil is in the detail and I think it’ll eventually be in everyone’s interests but we’re not there yet."

The budget cap is expected to be in the region of $200 million. It will hurt the major teams, like Ferrari but is expected to save the futures of lower budget teams.