Ferrari is the oldest team in Formula 1. They were there when the competition started. They are also the only team to have participated in every season of the sport. This is part of the reason why they receive a staggering 100 million dollars as a ‘heritage fee’. There are differing opinions up and down the paddock. James Vowles, Williams Team Principal and former Mercedes man, seems to support this fee.
Ferrari’s Heritage
Ferrari has been in Formula 1 since the first year of the competition in 1950. Furthermore, it has participated in every single season since then. In 2020, Ferrari became the first Formula 1 team to complete a 1000 races in the sport. This feat came shortly after Formula 1 itself completed a 1000 races.
This gives an idea about their longevity. But what about their success? Longevity is never a guarantee for success. However, Ferrari is the most successful team in Formula 1. They have the most Drivers’ titles, Constructors’ titles, and wins in the sport’s history.
Ferrari has been able to use its longevity and success to establish a massive brand for itself. Enzo Ferrari said that if a kid is asked to draw a racecar, they will colour it red. This shows the power of the brand. They haven’t won a single title in the last 15 years. Yet, most casual fans think of Ferrari when they think of Formula 1. Many experts even believe the brand of Ferrari exceeds that of Formula 1 itself.
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Criticisms of the Fees, and Vowles’ Defense
Several people think this fee is unfair to the other teams. The revenue share has become more and more equitable with every new Concorde Agreement. Therefore, this massive sum of money being paid to a single team stands out. In the new cost cap era, each team’s budget is $135 million. This makes this huge sum of money stand out even more.
James Vowles, Team Principal at Williams, has come out in Ferrari’s defense. The former Mercedes Chief Strategist points to the brand value the Maranello outfit adds to Formula 1. According to him, the value Ferrari brings to the sport far outweighs the money being paid to them.
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