Ferrari explain issue with 2021 budget cap!

Ferrari say they have spotted a flaw in the budget cap rule for 2021, suggesting that engine costs should be included within the $175 million cap. The spending limit was introduced for 2021 as part of F1's brand new regulations, brought in by Liberty Media.

The spending limit has long been talked about as a way to even out the field, but now it has been introduced, there seems to be a few issues with it.

Ferrari CEO Louis Camilleri reckons that teams will spend a lot more money on engine development, which doesn't fall under the cap.

He said in a conference call discussing Ferrari's business: "I think what was announced over the weekend is really the beginning of the process. It's not even the end of the beginning.

"There's still quite a lot of work to do together with Formula 1 and the FIA as well as the teams. We've voted in favour of it. And we haven't exercise our veto, right.

"Yes, we voted in favour of the regulations and we did not exercise our right to veto. All in all we are sort of satisfied with the direction it's taking and the principles, but clearly a lot of details still need to be ironed out.

"The budget cap relates to only certain elements of the actual car. The best example is that the engine is not part of the budget cap.

"Going forward our hope is that there will eventually be a budget cap placed on the engine itself."