Relief for teams as FIA reveals outcome of 2022 F1 cost cap
F1’s governing body published its audits of every team’s submission and all activities were found to be under the 2022 spending cap, which was set at $145m.
The announcement will come as a relief to all 10 teams following rumours that several outfits had breached last year’s budget cap.
The FIA dismissed the suggestions as “completely unfounded” at the time and its audit process has formally revealed that statement to be the case.
F1 was rocked by a cost cap row last year when Red Bull were deemed to have broken the 2021 rules, leading to a $7m fine and a 10 percent reduction in their wind tunnel and CFD allocation for 12 months.
What the FIA said:
“The FIA confirms that its Cost Cap Administration has now completed the review of the Reporting Documentation submitted by each Competitor that participated in the 2022 FIA Formula One World Championship in respect of the 2022 Full Year Reporting Period ending on 31 December 2022.
“The FIA Cost Cap Administration has issued certificates of compliance to all of the ten Competitors.
“The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors. Additionally, there has been an extensive check of any non-F1 activities undertaken by the teams, which comprised multiple on-site visits to team facilities and careful auditing procedures to assess compliance with the Financial Regulations. The FIA Cost Cap Administration notes that all Competitors acted at all times in a spirit of good faith and cooperation throughout the process.
“The FIA also notes that the Financial Regulations are essential to the long-term financial stability of the sport, and that they will continue to be developed and refined based on the findings of each review process both in terms of the regulations themselves, which are written and approved under the FIA Formula 1 governance process, and the way in which they are enforced and policed. The FIA has made and will continue to make significant investments in this department for the collective benefit of the sport."
