Ferrari should lose its right to have an effect on the implementation of new Formula 1 rules, according to the FIA president Jean Todt.
The Italian company have had this privilege since the 1980s, but Todt is of the belief that this ruling should now be banished as the shake-up of the sport continues.
Ferrari last used the veto in 2015, when they stopped Formula 1s plans to introduce a maximum price for engines and gear boxes.
"The veto was at the time of Enzo Ferrari, and he was isolated in Maranello," stated Todt, per Autosport.
"That was the only team supplying engine and chassis against some other teams that were all powered by Ford.
"So at this time, it was decided that being away from what is called the silicon valley of motorsport, they needed to have a protection. That is the story about the veto.
"But personally, I feel now I am not in favour of that. Times have changed."
The FIA president has also revealed that he was the only person against Ferrari's veto ruling when discussions were held for the 2013-2021 period.
"I remember it was a meeting in the FIA headquarters," Todt said. "It was the commercial rights holder. All the teams were there.
"And I said what is the position of the veto for Ferrari? They said 'it was fine for us'.
"So it would have been inappropriate for me alone to say that I am against the veto right to Ferrari.
"The only thing is we modified the wording of it. So that is part of the answer."
The tweaks included that Ferrari were only allowed to veto rules if they could prove the decision was 'against the teams' best interests'.
Despite his stance, Todt believes that because of the money and attraction the Ferrari name and the red colours bring to the sport, their increased income compared to the other teams is well deserved.
"For me, is it normal that Leonardo DiCaprio gets more money than a TV series actor? Yes it is normal," he continued.
"That is life. The better you are, the more money you should get.
"It used to be they were getting more money with worse results. Now they get more money with among the best results, so it makes sense."
And with Ferrari president Sergio Marchionne threatening to remove the team from the sport - and warning that other teams would follow the giants - Formula 1 chiefs could have a big problem if the 65-year-old follows through with his words if they do not agree to new rule changes from 2021.
Todt is hopeful this will not be the case, and would not stand in their way if leaving is what they'd really want, but also wants to secure the future of the smaller Formula 1 constructors who are struggling to make ends meet.
"They may leave. And honestly, that is their choice," Todt said. "They are free.
"Definitely I hope they will not leave. But it can always happen.
"You have seen big competitors leaving. Coming back. But again. It is their choice.
"I feel that a company like Ferrari, racing should not be spending.
"It should be at least equal and even should be revenue - business revenue.
"At the moment I am sure now - it is about six to seven teams who are struggling in F1.
"It is not acceptable to have the pinnacle of motor sport where 60-70 percent of the field are struggling to survive."
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