FIA president Jean Todt believes Ferrari should lose its controversial rules veto when the current Concorde Agreement comes to an end in 2020.

The veto gives the Italian team powers that its rivals can only dream of and it is understandable that as Liberty Media seeks to re-shape Formula One it needs to draw a line under a concession that Ferrari last used to good effect as recently as 2015 when it blocked plans to set a maximum price for engines.

Ironically, prior to his election to the FIA presidency, Todt was the Maranello outfit's boss, and has seen the power of its veto from the other side of the table.

"The veto was given at the time of Enzo Ferrari, when he was isolated in Maranello," said Todt. "When his was the only team supplying engine and chassis against some other teams that were all powered by Ford. At that 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 of the veto.

"But personally, I feel now I am not in favour of that," he continued. "Times have changed."

Recalling the discussions surrounding the most recent Concorde Agreement, Todt reveals that he alone was against the idea of Ferrari retaining its right.

"I was the only one against," he says. "The only one.

"It was a meeting in Paris, in the FIA headquarters. 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."

Though he is against the veto, the Frenchman admits to feeling that the Italian team's unique place in the sport warrants special treatment in terms of income.

"Is it normal that Leonardo DiCaprio gets more money than a TV series actor?" He said. "Yes, it is normal. So, again that is life. The better you are, the more money you should get. In this kind of activity, I feel it is normal they get more money. 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."

Losing the veto is one thing, however, already incensed at the proposed engine rules for 2021, not to mention the restructuring of the prize pot and the introduction of a budget cap, Sergio Marchionne has already threatened to take Ferrari out of F1.

Asked if he thought Marchione might carry out his threat, Todt, who was in charge at Maranello for Michael Schumacher's five titles, said: "They may leave. And honestly, that is their choice.

"They are free," he continued. "Definitely I hope they will not leave, but it can always happen. You have seen big competitors leaving then coming back again. It is their choice.

"Knowing those people who are smart business people, who are rational people, in a way, now, that is why we also we want to reduce the costs," he explained. "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. That would be much more healthy than what it has been over the years, where it is too much of spending and that is why it puts very often teams under difficulties.

"At the moment, it is about six to seven teams who are struggling in F1. So it is not acceptable to have the pinnacle of motor sport where 60-70 percent of the field are struggling to survive."