Ferrari’s (NYSE:RACE) CEO Believes ‘Little Progress’ Made on F1 Economic Issues
- CEO Louis Camilleri believes little progress has been made on F1 economic issues
Ferrari’s (NYSE:RACE) new boss says that Liberty Media’s proposed budget cap is not exactly close to becoming reality.
F1 owner Liberty wants to improve the sport by limiting the huge budgets of the Top teams. The proposed budget cap is believed to be in the neighborhood of $150-M, a number that could cut the Top teams’ budgets by 50%, depending on what expenses are ultimately included in the number.
“I think there has been progress made on the technical regulations for 2021,” Louis Camilleri, who earlier this year took over after the death of the iconic Ferrari President Sergio Marchionne, told Italian media outlet La Gazzetta dello Sport.
“But if we talk about the economics and the introduction of budget restrictions, there is no progress at all. In my opinion, there is sense in such a restriction, but as always, everything depends on the details. I think that, in the end, there will be an understanding, but so far there is not one.”
Meanwhile, Ferrari driver and 4X F1 champion Sebastian Vettel denied that Mr. Marchionne’s death in July was the main reason why Ferrari did not beat MercedesAMG to the title this season.
“To say it like that would be wrong,” Mr. Vettel told the newspaper.
“Of course it had an effect, but the team also stayed together, so it would be unfair to make a direct connection to the results. He was obviously a Key part of the team, and if you lose the leader overnight, it’s always difficult. But we are also a big team with a lot of departments that work completely independently.”
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