F1: Ferrari (NYSE:RACE) asks for Review of Vettel’s Canadian GP Penalty

F1: Ferrari (NYSE:RACE) asks for Review of Vettel’s Canadian GP Penalty

$RACE

FLASH: Many of us are baffled by the race stewards penalty against Sebastian Vettel at the Canadian Grand Prix.

Ferrari (NYSE:RACE) has lodged a request for motor racing’s governing body, the FIA, to review the controversial penalty that cost Sebastian Vettel victory at the Canadian Grand Prix.

There Mr. Vettel was issued a 5sec time penalty after running wide and rejoining the track in what the stewards felt was an unsafe manner, forcing Lewis Hamilton off the circuit in their battle for the lead.

Mr. Vettel crossed the line in 1st place, but Mr. Hamilton stayed close enough to Mr. Vettel to ensure he moved ahead once the punishment was applied.

The decision was widely condemned by fans and former world champions, with a furious Mr. Vettel saying the stewards stole victory from Ferrari.

Ferrari decided not to appeal the penalty within 96 hours of the race, but the FIA’s International Sporting Code allows for any decision to be looked at again if “a significant and relevant new element is discovered which was unavailable to the parties seeking the review at the time of the competition concerned.”

The Italian team had until the Sunday, 23 June of the French Grand Prix to ask for that process to begin, and Monday confirmed that was the course of action it will pursue.

Ferrari refused to comment on the nature of the new evidence it has put forward.

The same 4 stewards, or FIA-appointed replacements if the Canadian GP stewards are not available will review that evidence in the coming days to work out if it can be considered admissible. If the evidence is admissible, a secondary hearing will be held in which the stewards will review their original decision in light of the new evidence.

The last review of a similar nature came following last year’s Azerbaijan Grand Prix when Williams appealed a grid penalty given to Sergey Sirotkin for the following race in Spain. In that instance the stewards held a teleconference with team representatives before rejecting the review and issuing a 9-point document explaining why they felt no new evidence had come to light.

Ferrari is the Aristocrat of the automotive sector.

The iconic Italian Supercar manufacturer claimed the title according to the latest Brand Finance Global 500 2019 report launched at the World Economic Forum in Davos.

HeffX-LTN overall technical outlook for RACE is Bullish to Very Bullish, there is no resistance now, and strong support 148.91, all of our Key indicators are Very Bullish in here. Ferrari finished at 154.14, +1.48, or 0.84% on the day in NY Monday

Stay tuned…

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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