Binotto confirms Ferrari has retained its 'veto' in new Concorde Agreement

Ferrari team principal Mattia Binotto has confirmed the team has retained its right to veto regulation changes in the new Formula 1 Concorde Agreement.

All ten current F1 teams have signed the new agreement which dictates the commercial terms of the sport until 2025.

Under the previous arrangement, a deal that expires at the end of the 2020 season, Ferrari received a significant bonus payment for its historical value to the sport, and also had the power to veto any regulation changes it was not happy with.

Both points have been talked about at length in the media and are likely to have been considered in the team meetings, but Binotto has confirmed Ferrari has kept hold of its crucial power to veto changes.

Binotto told Sky Sports F1: “I think at least we got what was essential for us which was to somehow still keep what is important, the recognition of our brand to Formula 1.

"We have maintained what we call a protection right or the veto right which I think is important for Ferrari because what represents Ferrari for the entire F1 history.

"I think in total yes, satisfied, but you can always get more. You can always get less but what has been achieved is an important result."

The Ferrari boss also expects the 2022 regulation changes to close the field together and promote closer racing.

He added: "I think the budget cap as well is important because reducing the resources to the top teams and somehow reducing the gap on the current resources between the top teams and the smaller teams, so I think the effort is in the right direction.

“With that being the case I think only 2022 can tell or the following years. Maybe at the start we may see discrepancies, but I think with that looking on the next seasons, certainly there will be a convergence.

“But the real freedom of the cars is reduced compared to today, current budgets are reduced to today. The car is a lot more simple, so I think we will come to a convergence and then yes, we may have more battles, more teams winning.”

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