F1: Ferrari (NYSE:RACE) Will Not Appeal Vettel’s Canadian GP Penalty

F1: Ferrari (NYSE:RACE) Will Not Appeal Vettel’s Canadian GP Penalty

$RACE

Ferrari (NYSE:RACE) will not appeal the controversial penalty which cost Sebastian Vettel victory at the Canadian Grand Prix last Sunday.

Mr. Vettel crossed the finish line in 1st place in Canada but was penalized 5 secs for an incident on Lap 48, dropping him behind Lewis Hamilton in the final classification. After making a mistake in Turn 3 and cutting the apex at Turn 4, the race stewards judged that Mr. Vettel rejoined the track in a unsafe manner and forced Mr. Hamilton off the track, though is appears that Mr. Hamilton’s tactics pressured Mr. Vettel’s safe actions.

Mr. Vettel was furious after the race and said the stewards were “blind” and had stolen victory from Ferrari.

The decision was criticized by many former drivers, including Mario Andretti, Nigel Mansell and me.

F1 racing chief Ross Brawn insisted there had been nothing sinister behind the decision amidst accusations of MercedesAMG’s favoritism.

Ferrari lodged an intention to appeal the decision after the race Sunday evening, effectively giving them 96 hours to formalize 1. But, Thursday it was confirmed The Scuderia will not be following up on that specific action.

A spokesperson told us “We have withdrawn our intention to appeal and we are evaluating our right to review.”

A right to review must be formally submitted within 14 days of the incident, meaning the deadline is 23 June, the same day as the French Grand Prix at Circuit Paul Ricard.

This is an option within the FIA’s Sporting Code, which gives teams an option post-event review of decisions providing new evidence is available.

According to Article 14.1.1: “[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, whether or not the stewards have already given a ruling, these stewards or, failing this, those designated by the FIA, must meet [in person or by other means] on a date agreed amongst themselves, summoning the party or parties concerned to hear any relevant explanations and to judge in the light of the facts and elements brought before them.”

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 no overhead resistance now, and support at 153.25, all of our Key indicators are Very Bullish in here. Ferrari finished at 154.05, -0.58 on the day in NY Thursday

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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