News World Ferrari say they have made sacrifices to help smaller teams

Ferrari say they have made sacrifices to help smaller teams

Significant progress has been made in mapping out Formula One’s future, with Ferrari making sacrifices to ensure smaller teams get more of the money, according to chief executive Louis Camilleri.

The sport is preparing for a major shake up in 2021 but, while rules have been agreed, a new commercial ‘Concorde Agreement’ has yet to be signed between the teams and stakeholders.

“I think there’s been significant progress,” Camilleri said of talks that have been going on for some years, while also emphasising Ferrari’s leadership role as the oldest and most successful team.

“Given our credibility in Formula One we are here to ensure that the sport would retain its fundamental DNA and its ability to continue to innovate.

“On various fronts, not least of which were standardized parts, there’s been endless discussions. I think we’ve reached a relatively good compromise in terms of the cost cap, which today applies to the chassis.”

Camilleri said Ferrari were in favour of the cap as “good for the economic sustainability of Formula One.”

The chief executive said the limit, set initially at $175 million per team, should ultimately be more comprehensive.

Driver salaries, marketing costs, non-Formula One activities and the wages of a team’s three highest paid executives are not included in the cap.

Camilleri said he was “not unduly concerned” about driver salaries.

The new technical, sporting and financial rules were presented in October, with Ferrari retaining a long-standing right to veto any changes the team believe are not in their interests.

They have also received special payments, reflecting their status, and operate with one of the biggest budgets. Commercial rights holders Liberty Media are keen for a more level playing field in future.

“We, principally, have made certain sacrifices so that the smaller teams would get more money. And I think that’s rather important,” said Camilleri.

“We’re not quite there yet on many details, but I think in terms of the actual principles, we are essentially OK,” he added.

“I’m quite confident that an agreement will be reached by all in the best interest of everybody.” (Reuters)

Top Stories

Doctors stop mid-operation, dress patient in operating theatre and discharge him

Unbelievable and yet a now quintessentially Cypriot thing to happen. The incident in question is that doctors at a private hospital in Nicosia stopped...

Economic sentiment in Cyprus deteriorated slightly this September

In September 2020, economic sentiment in Cyprus deteriorated slightly as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.0 point compared to August 2020. According to...

Jiu Jitsu – Distribution for US and Canada set for November

Jiu Jitsu, the first Hollywood movie to be filmed in Cyprus under the incentive plan to promote the audiovisual industry starring Nicolas Cage, Alain...

Mainly fine weather with temperatures to rise for Tuesday

The weather on Tuesday will be mainly fine with temperatures set to rise to 40°C inland, around 35°C in all coasts, and 32°C in...

Man wanted for breaking and entering and vehicular theft (photo)

The man (pictured) is wanted by Police in connection with cases of breaking and entering and vehicular theft committed recently in Famagusta. Specifically, one breaking...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...