FIA releases 2022 F1 cost cap findings
By
Mat Coch
Tuesday 5th September, 2023 - 8:51pm
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The FIA has confirmed it has completed reviewing the finances of all 10 Formula 1 teams for the 2022 season.
The outcome is all teams were under the $135 million cap, with all receiving certificates of compliance.
“The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors,” the FIA statement announced.
“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,” it added.
“The FIA has made and will continue to make significant investments in this department for the collective benefit of the sport.”
Last year, three teams ran into issues.
Procedural breaches for Aston Martin and Williams saw both fined; $450,000 for the former and $25,000 for the latter.
Red Bull meanwhile was found to have overspent the cap by £1.864 million, which translated into a ‘Minor Breach’ under the Financial Regulations.
That resulted in the Milton Keynes operation being penalised with reduced Aerodynamic Testing Allowance (ATA) for the next 12 months – a period that is set to expire in the coming weeks.
Despite that penalty, Red Bull has dominated the 2023 season and is on the verge of claiming both the drivers’ and constructors’ championships.
The cost cap is considered a vital piece of the Formula 1 puzzle and a key ingredient in its strong financial growth.
The limits placed on teams have helped attract fresh investors and drive up their value, with some suggesting the leading teams are now worth multiple billion dollars.
However, sceptics remain with suggestions teams have found creative ways to circumvent the rules through the use of related businesses and technology projects that can subsequently transfer into the F1 organisation at a fraction of their real-world cost
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