Ferrari "happy with progress" on Concorde Agreement

Ferrari are happy with the progress that has been made on the Concorde Agreement according to the company's CEO Louis Camilleri, with the team reportedly keeping its controversial veto in the future.

The Italian works team did have to make some compromises, however, as they will no longer have their 'heritage bonus' in the new agreement, one of their main income sources currently.

Ferrari play a central role in negotiations, but Camilleri ensures they always have the entire sport and the big picture in mind.

"This year was critical in terms of trying to finalise the Concorde Agreement and the various chapters of the financial regulations and technical regulations," he was quoted by Autosport.

"And then, there's the governance aspects. And I think there's been significant progress.

"We as Ferrari have taken very much a leadership role because of our history, because of the importance of Formula 1 to Ferrari."

Camilleri is confident that despite the many differences between all 10 teams, an agreement will eventually be made with the best interest of F1 in mind.

"I'm quite confident that an agreement will be reached by all in the best interest of everybody," he continued.

"Mattia [Binotto] in particular, has played a leadership role with the FIA, with the other teams.

"So, I think we're quite pleased with the progress on that front."