FIA confirm full compliance with 2022 Cost Cap by all Formula 1 teams

In the second year of the cost cap regulations, teams were permitted to expend no more than $140 million, with a supplementary $1.2 million allocated to accommodate a 22nd race. Additionally, an extra $4.3 million was approved in July 2022 to counteract the escalating global inflation, thereby establishing the final cap at approximately $145.5 million.

The Cost Cap Adjudication Panel meticulously scrutinized submissions from all ten teams for the 2022 season and found no instances of overspending or procedural transgressions across the grid. It is noteworthy that in July, the FIA had to refute allegations that two teams had exceeded the cap.

In the previous year, during the 2021 cap assessment, Red Bull were identified as having breached the cap by an eventual $432,000. Consequently, they faced penalties in the form of a reduction in development time and a financial fine, which they accepted.

Aston Martin and Williams also failed to fully adhere to the 2021 cap, though their deviations were limited to procedural matters and remained well within the prescribed limits.

"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," stated the FIA.

"The FIA Cost Cap Administration has issued certificates of compliance to all of the ten Competitors.

"The FIA recognises the indispensable role of the Financial Regulations in ensuring the long-term financial stability of the sport. They will continue to be refined based on findings from each review, encompassing both the regulations themselves, approved under the FIA Formula 1 governance process, and the enforcement mechanisms.

"The FIA has made substantial investments in this department for the collective benefit of the sport."

The forthcoming Formula 1 race on the calendar is the Singapore Grand Prix, scheduled to occur from 15 to 17 September.

This race, the 16th of the Formula 1 season, takes place on Singapore's Marina Bay Circuit, known for its physically demanding 5.063km track featuring bumpy street surfaces and oppressive humidity, thereby challenging drivers to push their limits.

 

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