Ferrari confirms it will retain veto under 2021 rules

Ferrari will retain the right to veto new rules under the 2021 Concorde Agreement, according to company chairman Louis C. Camilleri.

Ferrari has long held veto rights in exchange for its participation in Formula 1, though many other teams believe it is unfair including FIA president Jean Todt who called for it to be dropped under the new agreement.

It allows the team to block rules it feels go against its or F1's core principles and was most recently used to block a cap on engine and gearbox prices.

In an interview with the Financial Times, Camilleri confirmed Ferrari would retain its right to a veto as part of the 2021 agreement.

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"We have retained the veto rights and those are critical not just for Ferrari but for F1 as well," he said.

"Will we ever use it? I doubt it. [But] just the fact of having it, does it get people’s attention? I think so.

"It’s something I think is important. Some of the teams think it’s anachronistic and shouldn’t be there but on the other hand some think it’s a good idea to have an 'adult' in the room."

The Concorde Agreement is a contract between the Fédération Internationale de l'Automobile (FIA), the teams and the Formula One Group which dictates the terms by which the teams compete in races and how the television revenues and prize money is divided.

A major part of the 2021 contract is aimed at equalising how prize money is distributed amongst the teams as well as reducing historical payments which the smaller outfits claim to be unfair.