Todt seeks early rules agreement, and end to Ferrari's veto!

FIA president Jean Todt says that Ferrari should no longer have the power of veto over Formula 1 rule changes.

Ferrari was given the right to veto new regulations partly because of its unique position as the only team to have taken part in the world championship since its inception in 1950.

But Todt - a former team principal at Maranello - said that such a veto was out of place in today's modern sport.

"Times have changed," he told media in London this week. "Personally, I feel now I am not in favour of that.

"The veto was at the time of Enzo Ferrari," he explained. "[Ferrari] was the only team supplying engine and chassis against some other teams that were all powered by Ford.

"They needed to have a protection. That is the story about the veto."

• Liberty Media's Maffei: 'No hard deadline on 2021 regulations!'

Todt said that he had been the only person to query Ferrari's continued veto the last time the agreement governing the sport was renegotiated.

He says he wants to see agreement on the new rules by the middle of this season. However Ferrari has threatened to use its veto to block Formula 1's new owners from introducing new technical rules for 2021.

“I would say the soonest is the best. It’s fair to everybody,” Todt said. "Everybody should know what will be the rules of the game. As soon as we can do it, we will do it."

Todt added that he's not taking Ferrari president Sergio Marchionne's threat to quit the sport lightly.

"They may leave - and honestly, that is their choice," shrugged Todt. "They are free.

"Definitely I hope they will not leave, but it can always happen," he admitted. "You have seen big competitors leaving, coming back. But again, it is their choice."

While he's against Ferrari's veto, Todt said he had no objections to Ferrari getting a bigger slice of the sport's revenue than other teams.

"Is it normal that Leonardo DiCaprio gets more money than a TV series actor? Yes," he said. "The better you are, the more money you should get.

"It used to be they were getting more money with worse results," he added. "Now they get more money with among the best results, so it makes sense.

"A company like Ferrari, racing should not be spending. It should be at least equal," he said. "That would be much more healthy than what it has been over the years.

"It is too much of spending and that is why it puts very often teams under difficulties," he added. "It is not acceptable to have the pinnacle of motor sport where 60 to 70 per cent of the field are struggling to survive."

Gallery: The beautiful wives and girlfriends of F1 drivers

Keep up to date with all the F1 news via Facebook and Twitter