The talks between Liberty Media and Ferrari continue on after it was taken over by its new CEO Louis Carey Camilleri after the untimely death of Sergio Marchionne.
Marchionne died in July after complications in his shoulder surgery earlier in the month. He was replaced by Camilleri as Ferrari’s new CEO while John Elkann was named as the Chairman. With no Marchionne, it is Camilleri who has taken over the spot in the Strategy Group for Ferrari in Formula 1.
The Egypt-born has already involved himself in initial talks with Liberty Media as the discussions for a fresh agreement beyond the 2020 F1 season continues on along with the other teams competing in the sport currently.
As per Camilleri, the current talks are purely based on the technical side rather than the budget cap. “There are ongoing negotiations with Liberty Media, I think there has been progress on the technical side, less with regard to budget cap and governance,” he was quoted by Italy’s La Gazzetta dello Sport.
For the time being, Camilleri is not about bringing new ideas on the table but work on the existing ones. “I’m not sure about bringing new ideas, the goal is to divide the cake as it is, we do not talk about how to increase it,” he said.
Also, as a former Chairman of Philip Morris, he believes the relationship between the two companies should continue to exist for a longer period beyond 2021. “Can I bring my contribution, the sponsorship between Philip Morris and Ferrari?
“There is a contract [until] 2021 and a relationship that has lasted for 40 years and has brought a mutual benefit. I believe it will continue like this.” They two companies announced a renewed deal for three years at the start of the current F1 season.