Ferrari “banned” from key F1 meeting - and lose $55m income

Ferrari hope to propel Charles Leclerc and Carlos Sainz into challenging Red Bull’s Max Verstappen for the 2023 championship having appointed Fred Vasseur as their new team principal, replacing Mattia Binotto who courted criticism for his strategy errors.

But behind-the-scenes there has been chaos after they were the only team to be denied entry to a meeting on December 15 about engine regulations for 2026, according to RacingNews365.

Ferrari were banned from attending the meeting because they had not confirmed their intention to be a part of the 2026 rules.

Several power unit suppliers missed an October 15 deadline to confirm their entry for 2026, but Ferrari were the only supplier to miss an extended deadline in November.

Ferrari were concerned by Red Bull Power Trains’ link to Honda, the report states.

Ferrari lose $55m income

It goes from bad to worse.

Ferrari will be without $55m in expected income from two sponsors who have now parted ways with the F1 team, RacingNews365 reports.

Crypto company Velas and chip semi-conductor company Snapdragon, worth $30m per year and $25m per year to Ferrari respectively, have both cut ties.

The two companies were worth approximately a combined 25% of Ferrari’s annual commercial income.

There was acrimony between Ferrari and Velas, the report states. 

Mercedes also had a major sponsor from the crypto world, FTX, withdraw due to going bankrupt.