FIA reveal that all 10 Formula 1 teams complied with the 2022 budget cap
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The FIA have announced that all 10 of the Formula 1 teams have been awarded compliance certificates for sticking to last season’s budget cap. The sport’s governing body dispelled the multiple rumours that several teams had breached the budget cap for 2022.
It was rumoured that some teams had broken the £108m limit but the FIA said on Tuesday that no team was found to be breaching the cap. Last year Red Bull were fined £6 million for breaking the financial rules after they overspent by £1.86 million in 2021.
The breach came in the season the team secured Max Verstappen’s controversial championship win against Lewis Hamilton. A statement from the governing body read: “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 10 Competitors. The review has been an intensive and thorough process, beginning with a detailed analysis of the documentation submitted by the competitors.”
The FIA revealed it also found no wrong-doings that suggested teams could be potentially hiding costs through organisations outside of F1.The statement continued: “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 period has now also elapsed for any teams to appeal the FIA’s verdict, and it’s understood that the governing body had put in place a complaints process alongside a whistleblower service, but neither were used.
In 2022, the FIA concluded that Red Bull “did not act in bad faith, dishonestly or in a fraudulent manner” when the team broke the £114 million budget cap. The current world champions have entered into an Accepted Breach Agreement with the FIA.
In addition to their fine, Red Bull were also forced to reduce their wind tunnel time by 10 per cent. Aston Martin were also fined £388,000 in 2022 for a procedural breach “because it inaccurately excluded and/or adjusted costs in the calculation of its relevant costs.”