F1's new era: Ferrari's Mattia Binotto on impact of 2021-2025 deal
The Scuderia's team boss reacts to F1 getting the new Concorde Agreement over the line with all 10 teams on board
By James Galloway
Last Updated: 20/08/20 7:04pm
Ferrari boss Mattia Binotto says they are "very satisfied" with the outcome of the new Concorde Agreement and believe the foundations are now in place to enhance F1's spectacle.
After two years of discussions, F1 and the FIA have secured all 10 teams' signatures on the new deal - which runs from 2021 to 2025 - to begin a new era of revenue distribution to go hand in hand with revised technical and budgetary rules.
Although the financial rewards between the front and the back of the field will close up, Ferrari's terms also reflect their status as F1's longest-standing team - including the right of veto in regulation talks they have held since the first Concorde Agreement in the 1980s.
"We at least got what was essential for us. Which was to still keep what's the importance of the condition of our brand for the importance of the F1," said Binotto in an exclusive interview with Sky Sports F1.
"We have maintained what we call the protection right, or the veto right, which is important for Ferrari because what Ferrari represent for the entire F1 and the history. So overall, yes, satisfied.
"You can always get more, you can get less, but what has been achieved is an important result."
Binotto believes the whole sport is now well set up to achieve the stated long-term objectives.
"All the 10 teams have signed which is very positive showing that we are all willing really to look positively at the future of F1," added the Ferrari team principal.
"Now I think we've got the right basis it's really a matter of making F1 even more spectacular, stronger, and we need to do it all together."
With only three teams - Mercedes, Ferrari and Red Bull - having won races over the past seven years, F1's commercial rights owners, Liberty Media, have set about ways to make the sport more equitable and competitive.
A budget cap on performance spending was already planned for 2021 but was revised down to $145m (£109m) due to the impact of the coronavirus pandemic. The sport's cars are being overhauled for 2022.
"Maybe at the very start still we may see discrepancies, but I think that looking on the next seasons certainly there will be a convergence," replied Binotto when asked if he thought the sport's new era would see the pack close up.
He added: "Economical budgets are [being] reduced compared to today. The cars are simpler, so we will come to a convergence and, yes, it may have more battles, more teams winning [as a result]."