Ferrari confirms it is very satisfied with the agreement reached with Formula 1, as part of the renewal of the Concorde Agreements for the period 2021 – 2025.

Of course the bonuses and subsidies are revised downwards, but Scuderia keeps important advantages, especially as the F1 budgets will be significantly reduced from 2021 onwards. Mattia Binotto also confirms Ferrari keeps its veto power.

“We got, at the very least, what was essential for us. And that was to keep the importance and consideration of our brand for F1,” explained the team manager.

“We maintained what we call the right of protection, or the right of veto, which is important for Ferrari because it means what Ferrari means to the whole of Formula One and the history of the sport. So, overall, yes, satisfied.”

“You can always get more, you can always get less, but what has been achieved is an important result.”

More than that, Binotto points out that the signing of the 10 teams, at the same time, “is also a very positive sign that we all have confidence in the future of F1. I think we now have the right basis to make F1 more spectacular and stronger and that’s something we could only do together.

Of course you can’t expect extremely tight battles from 2021 (capped budgets) or 2022 (new cars) between 1st and 10th.

“At the very beginning, we’ll always see differences, but in the coming seasons there will be convergence. Budgets are drastically reduced, the cars are simpler, which will inevitably lead to convergence of performance, more battles and ultimately more teams capable of winning.”