FIA president Jean Todt 'disappointed' by Ferrari's veto on engines

The FIA announced last week Ferrari had opted against cutting the price of engines to customers, currently standing at around €20million, to a figure revealed by Todt in a media briefing in Mexico of €12million.

Todt, however, claims the veto - introduced in the initial Concorde Agreement of 1981 and in place through subsequent contracts - could not be challenged despite the fact there is no longer a Concorde.

"It was a disappointment when Ferrari decided to use it's veto right on the price limitation to the customer teams," said Todt, who is hoping to introduce a budget engine from 2017 in a bid to help the smaller teams cut costs.

"Since then I've been trying, with my people, to see what could be adopted.

"In this case I only see the possibility of introducing a more affordable engine that will allow the teams to be competitive.

"If [the teams] say we 'want it, we're happy' then we will move along and propose it at the next Strategy Group meeting where I'm quite optimistic it will be voted through.

"It will then go on to the Formula 1 Commission and World Motor Sport Council."

Suggested to Todt Ferrari could veto again, the Frenchman issued a warning he would be prepared to fight, adding: "A veto is like having a gun in your pocket, and you have to be careful when you use a gun.

"Clearly, and again, the veto right which is in favour of Ferrari - and is a historic right - it has to be demonstrated that there is something that goes against their interests.

"Trying to suggest a customer engine is not against their interests - I'm happy, if needed, to debate on that.

"It is necessary we look after the interests of the small teams."

Todt has confirmed, when a new Concorde was debated but not implemented, all the teams in F1 agreed Ferrari could retain its right of veto.

"In 2013, the first time as FIA president I was facing consideration of the veto right, I must say I was very cautious because as I've said it's like having a gun," said Todt.

"I was surprised because the commercial rights holder was in favour of the veto right, and all the teams were in favour.

"So I agreed to implement the veto right in the Concorde from 2013 to 2020.

"We simply changed the wording to make it more precise."