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Ferrari retains F1 rules veto

Apr 1, 2013, 11:11 AM EDT

Fernando Alonso AP

Formula One’s technical rules cannot be changed without the approval of Ferrari, a new report has confirmed.

Rumours that Ferrari have the power to directly influence F1’s rules have persisted for several years.

A document drawn up in anticipation of F1’s potential flotation on the Singapore stock exchange reveals the extent of Ferrari’s power within the sport.

“In respect of Ferrari only, Ferrari may terminate if the regulatory safeguards agreed between the FIA and Ferrari do not allow Ferrari to veto any change to the regulations already announced or introduced (subject to certain exceptions),” says the prospectus, as reported by ESPN.

Ferrari’s power of veto is believed to have been first offered to them in 2005. Whether it has used or threatened to use the veto remains unclear.

However Luca di Montezemolo, the president of the Italian car manufacturer, has repeatedly criticized the F1 rules for being too focused on aerodynamics and restricting teams’ opportunities to test.

A major change in the technical rules for next season will introduced new V6 engines with greater use of modern energy recovery technologies.

The document also confirmed Montezemolo has been offered a 0.25% stake in the sport if it is floated. Ferrari also receives an additional bonus payment for competing in Formula One.

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