Ferrari CEO makes major turn around in the Italian squad’s stance on 2021 rules. Camilleri said that a budget cap could make sense.

New Ferrari CEO Louis Camilleri has said a budget cap in Formula 1 would “eventually make sense”, marking a major turn around in the Italian squad’s stance on the subject. Under the leadership of the late Sergio Marchionne, Ferrari was staunchly against the idea of a budget cap, with Marchionne even threatening to quit the sport if the proposal was pushed through. The budget cap is set to be implemented in 2021 alongside an array of changes. Camilleri made the claim during a conference call to investors on Monday.

Camilleri, who took over the top position following Marchionne’s sudden passing, told investors during a conference call on Monday that a budget cap could make sense so long as it’s well thought through: “I think there’s been progress on the technical specifications, but in terms of the budget cap and economics, there really hasn’t been any progress,” he replied when probed on the progress of F1’s future rules – “Obviously the economics are also linked to the budget cap. I think that a budget cap eventually makes sense but the devil is in the detail and I think it’ll eventually be in everyone’s interests but we’re not there yet.”

On Ferrari’s performance this season, which saw Sebastian Vettel finish runner-up to Mercedes’ Lewis Hamilton, Camilleri admitted they had been unfortunate, but was encouraged by the progress the team has made and declared it their best season since 2008, when they won their last Constructors’ Championship: “Clearly winning for us is a priority, it’s part of our heritage. We were very close and the Constructors’ is still open, mathematically anyway, two races left. Winning for Ferrari is very important. What do we need to win…a great car and two great drivers. This year was somewhat unfortunate, we came very, very close and hopefully next year we can get there to…not much to add other than it’s very important and we’re doing everything we can to win. What I would say is in 2018 just based on the numbers it was probably our best season since 2008, we’re making progress, we’re not quite where we want to be and we’ll see where we are next year.” – Ferrari CEO Louis Camilleri concluded.