Ferrari CEO Louis Camilleri has claimed that the famous Italian brand has taken a step back in negotiating new Formula One rules to ensure the financial stability of the entire sport.

A budget ceiling of 175 million dollars will go into effect in Formula 1 2021 but will not apply to engine development or driver pay.

Although the fierce opposition of the Ferrari for a long time was strongly opposed to the adoption of the budget restraint, Scuderia eventually relented and agreed to the adoption of the new rules.

The reasons for Motorsport.com were explained by Ferrari CEO Loois Camilleri:

“I think we have reached a relatively good compromise in terms of limiting costs for the season 2021.

“We are in favor of this because we think it is good for the economic sustainability of Formula 1. If sport is not economically viable, it slowly dies.

“So we looked at it as our responsibility to secure the economic future of Formula One. We could say that Ferrari made a bit of a sacrifice to make smaller teams get more money.”

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