Nigel Mansell, the 1992 world champion, believes Ferrari was "short sighted" in not pursuing Adrian Newey more aggressively when they had the chance.
Mansell suspects that Newey, now confirmed to join Aston Martin in 2025, will gain new "energy" by leaving Red Bull.
"I think the fact that he's gone to Aston Martin is so wise because he won't get caught up in the politics of Ferrari and the hype that goes with that," Mansell told Top Offshore Sportsbooks.
"I think Ferrari should be licking their wounds a little bit because they should have got him, but all credit to Aston Martin."
Italian media reports indicate that negotiations between Newey and Ferrari broke down because of what was seen as excessive demands for influence and money.
"As soon as I heard that Ferrari were baulking at possibly the wage bill that Adrian wanted, I think that was short sighted of them," Mansell continued.
"They lost an opportunity because whoever gets Adrian Newey is almost assured of having a fantastic few years."
"I think Aston Martin have done something very special in securing his services. What he can do at Aston Martin could be his biggest achievement to come because I think he can turn that team around very quickly. And Red Bull, they've already just demonstrated that without him, they've lost their dominance," he added.
Mansell believes Newey's departure could have a significant impact on Red Bull, and former F1 driver Ralf Schumacher shares this view. Schumacher, whose brother Michael won five consecutive championships with Ferrari, has concerns about Red Bull's current technical leadership under Pierre Wache.
"I have the feeling, perhaps wrongly, that Pierre Wache is not up to the task," Schumacher told Sky Deutschland. "He is certainly a brilliant engineer, but he lacks the instinct that helped Newey solve problems quickly and effectively."
Schumacher added, "He seems to be struggling to establish the optimal connection between driver and car. And if Max Verstappen leaves the team, that will be the last link, because in Singapore we saw him single-handedly achieve a result again." body check tags ::
