Formula 1 and the FIA are in the process of designing the final commercial agreement that binds the teams to the sport. The ten current F1 teams have all signed the new agreement that imposes the commercial conditions of the sport until 2025. Since then, concorde replacement agreements have been signed, with Todt Motorsport.com the last one signed in 2013 and expires in 2020. Last year, it was reported that new Formula 1 owners could get rid of the deal completely and replace it with an open-ended partnership. Ferrari used its veto in 2015, when the FIA proposed cost caps for customers` engines. Sky Sports then indicated that the proposal had won a majority before the veto and that the FIA then had to amend its proposal. Ferrari last used its veto in 2015, blocking a step towards introducing a maximum price for engines and gearboxes. “The new agreement complements and builds on the outstanding work of Formula 1, the FIA and all the teams over the past few months on the future financial, technical and sporting rules.” I know that I am sometimes accused because I try to have a harmonious situation and everyone is moving in the same direction, but of course I have agreed to implement the right of veto in the discussions on the renewal of the Concorde 2013-2020 agreement. …” However, you don`t really need to veto to have power. Most of the power comes from the knowledge that other parties will not present voices that they know you could/veto.
All the teams signed the Concorde agreement this week, so the teams will be present in Formula 1 until 2025. In addition, Ferrai will also retain his veto. In doing so, they can always prohibit a majority decision. Binotto is satisfied with the result for Ferrari. Ferrari has confirmed that it has maintained its veto power over Formula 1 rules as part of Concorde`s new deal, which will be designed for 2021. Mattia believes Ferrari`s legacy is important for Formula 1. The veto was important to them. Since it reflects the long legacy that Ferrari boasts of in the world of Formula 1. So, yes.
People are masking Ferrari`s veto as something horrible for Formula 1. The truth is that they don`t use it that often. Very rare occasions. Ferrari CEO Louis Camilleri explained why it was important for the team to keep its veto and said he felt that other members of Formula 1 also appreciated this, as he ensured that radical rules would be applied in the future. Ferrari will retain part of its annual bonus, although it is slightly lower than in previous years. Italians receive this bonus because they have been active in Formula 1 for 70 years and are indispensable to motorsport. Mercedes just wanted this to be rethought, but he eventually signed the deal. “And I was surprised because Bernie, as a commercial rights holder, was in favor of Ferrari having the veto. All teams were in favour of extending the veto.
So it would have been a little weird if I opposed it myself. Todt said Motorsport.com Ferrari`s veto power had changed with the 2013 agreement to make the text “more precise” and that Ferrari needed a “strong justification to be able to exercise it”. To use his veto, Todt said, Ferrari must prove that the rule “is contrary to their interests.” “From Red Bull`s point of view, it seems of course that Liberty is moving in the right direction of the sport in recent years, and this agreement seems less binding than other agreements we have signed in the past. It is more of a partnership, I would say. Here`s the story of the veto, as Todt said Motorsport.com: “At least we got what was essential for us, which was the importance of our brand to keep the importance of Formula 1. . . .