It has been confirmed by the FIA that no teams breached the cost cap during the 2022 Formula One season. Rumours had circulated that three teams had potentially gone over it last year, but this has proven to be false.
There was some uncertainty about the future of the cost cap after Red Bull Racing had breached it during the extremely controversial 2021 season. Last October the team currently dominating Formula One received a fine of 7 million dollars and lost 10% of their wind tunnel time.
Aston Martin were also fined $450,000 for a procedural breach of the cost cap.
In a statement to confirm nobody had broken the cost cap, the FIA outlined the importance of it for the long-term health of the sport.
FIA statement
“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.
“The FIA Cost Cap Administration notes that all Competitors acted at all times in a spirit of good faith and cooperation throughout the process.”
Photo credit: Red Bull Content Pool
