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There's no denying that Ferrari are one of the most successful teams in Formula 1. They are also the oldest team on the grid, participating in the tournament right from 1950.
Hence, 'The Prancing Horse' have a strong relationship with FIA, F1's governing body. Being the oldest and most prestigious team on the grid, Ferrari have a power that no other team possesses.
The Maranello-based team have a special veto card that they can play against certain changes or additions made to F1's technical and sporting regulations. This might seem like an extremely unfair power that the team has. However, the FIA has already made it clear that the team can only veto regulatory changes and additions that only affect their car and will not affect other general changes.
Enzo Ferrari, the founder of the team and the company, received this special power back in 1981 when the first Concorde Agreement was made. At the time, Enzo had a lot of authority and respect amongst those who ran the sport. Additionally, the racing team itself helped the sport in several departments.
In an old interview in 2015, Jean Todt, former team principal of the Italian outfit, told the story of why veto power was given to the team. He said:
"Enzo Ferrari was the founder and felt that he was very isolated in Marenello compared to all the British teams, so he needed a protection. And in 1980 Ferrari was the only full car manufacturer. He was facing private teams like Williams and Lotus and McLaren which were all using the same engine, the Ford Cosworth, so he got that in his discussion."
Ever since 1981, the team has retained this power in every single Concorde Agreement that followed. After the eighth Concorde Agreement in 2021, Mattia Binotto, the team's current team principal, explained how they have retained the veto power yet again.
Binotto said:
"I think at least we got what was essential for us which was to somehow still keep what is important, the recognition of our brand to Formula 1. We have maintained what we call a protection right or the veto right which I think is important for Ferrari because what represents Ferrari for the entire F1 history."
Even though the team hasn't used the veto since 2015 for engine cost caps, they still hold the power to block any regulatory changes and additions that mainly affect them.
Ferrari, Red Bull, and six other teams opposed FIA's 2023 anti-porpoising regulation
As we've seen in the 2022 F1 season, a lot of cars are experiencing porpoising while driving. Since this aerodynamic phenomenon is quite dangerous for drivers, the FIA are planning to introduce anti-porpoising rules for the next season.
Additionally, they have already forced some changes to this year's cars as well. These changes were not appreciated by many teams, including the Maranello-based outfit.
However, the FIA declared that the changes are for the safety of the drivers, which should be most important. Even though 'The Prancing Horse' team could've used their veto against the rules, they will not do so since it concerns the health of the drivers.
