After System 1 introduced a new policy that will take effect 2021, the situation soon became complicated again. Ferrari boss Mattia Binotto has not yet ruled out the possibility for the Maranello team to use its infamous veto and block the already agreed budget limit on 175 million dollars a season.
The new Concorde contract brings with it a new policy that each team can spend annually 175 million dollars, almost three times less than Ferrari and Mercedes currently spend on Formula One.
Formula 1 paddock has been rumored to have Ferrari exercising its historic right and vetoing new rules, which would likely significantly delay the adoption of a new treaty as a new round would follow negotiation.
Although Ferrari boss Binotto assures that he does not want to veto the Ferrari, he does not rule out this possibility.
I think the new policy is a good starting point for new conversations that will bring about a final solution. With some points, we are not yet most satisfied and hopefully we will soon reach an agreement that will please all parties. We do not want a veto, but we will take this opportunity to protect the interests of Ferrari and Formula One.