The FIA announced today the results of its review of Formula 1 teams’ spending during 2022, and has confirmed that all met the cost cap.
The financial period the cap applied to encompassed all 365 days of the year, with teams then having until the end of March this year to submit the paperwork detailing their spending.
“The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors,” said the FIA in a statement.
The FIA clarified the budget cap rules earlier this year in an effort to ensure F1 teams were not able to conduct research for their F1 teams through other projects.
“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 added. “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 added it “has made and will continue to make significant investments in this department for the collective benefit of the sport.”
This is the second time the teams’ spending has been inspected by the FIA. Last year’s examination took until October to complete, prompting calls for the process to be accelerated in future.
Three teams were found not to have complied with the regulations last year. Williams failed to meet the deadline for submissions and was fined $25,000.
Red Bull and Aston Martin were subsequently found to have committed other breaches. While Aston Martin’s were only procedural, the FIA ruled Red Bull had over-spent by £1.86 million. It was penalised through a reduction in its aerodynamic testing allocation and a fine, which was excluded from its budget cap.
The cost cap was reduced again for 2023, to $135 million before adjustments, and is due to go unchanged for the next two seasons.
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