Ferrari happy with concorde agreement "We retain our right of veto"

At Ferrari they are happy that all teams have signed concorde agreement and are pleased to keep their veto. Mattia Binotto says in an interview with Sky Sports that it is essential for them that they continue to have the right to block a proposal in the coming years.

All teams signed the concorde agreement this week so that the teams will be present in Formula 1 until 2025. In addition, Ferrai will also retain their veto. With this they can still forbid a decision made by the majority. Binotto is happy with the outcome for Ferrari.

"At least we have got what is essential for us. We have maintained what we call the right of protection, or the right of veto, which is important for Ferrari, because what Ferrari represent for F1 and history. So in general, yes, satisfied."

By the way, Ferrari also has to make some sacrifices on a financial level. The prize money will be distributed more fairly, so Ferrari receive less than the previous years, provided they finish at the top.

Bonus Ferrari and the future

Binotto is satisfied not only for Ferrari but also for the whole of Formula 1: "All ten teams have signed and that is positive for Formula 1 and its future".

Ferrari will retain in part its annual bonus although it will be a little less than in previous years. The Italians get this bonus because they have been active in Formula 1 for 70 years and they are indispensable for the pinacle of motorsport. Mercedes just wanted this to be reconsidered but eventually signed the agreement.

In the future it will have to be seen whether the financial changes that are recorded in this agreement provide a fairer playing field. The goal of Liberty Media with the upcoming rule changes and this agreement is to create a future in Formula 1 in which many teams can fight for victory. According to Binotto that will have to succeed. "The economic budgets have been and will be reduced compared to today. The cars are simpler, so we come to a convergence and, yes, it can create more battles, and lead to more winning teams in the future".