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All F1 teams awarded compliance certificates after sticking to 2022 budget cap

todaySeptember 5, 2023

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All F1 teams awarded compliance certificates after sticking to 2022 budget cap

Formula One’s governing body has announced that all of the grid’s 10 teams have been awarded compliance certificates after sticking to last season’s budget cap.

Despite murmurings in the paddock that some teams might have breached the 135 millions US dollars (£108m) limit, the FIA said on Tuesday that no team was found in breach.

Red Bull were last year fined £6million for breaking Formula One’s financial rules after they overspent by £1.86m in 2021 – the season in which they carried Max Verstappen to his controversial championship win against Lewis Hamilton.

A statement from the federation 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 also revealed it found no wrong-doing with teams possibly 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 elapsed for any teams to appeal the FIA’s verdict. It is understood the governing body had a complaints process in place in addition to a whistleblower service, and neither were used.

Last year the FIA, concluded that Red Bull “did not act in bad faith, dishonestly or in a fraudulent manner” when it broke the £114m budget cap.

The world world champions entered into a so-called Accepted Breach Agreement (ABA) with F1’s governing body. In addition to their fine, Red Bull also had their wind tunnel time reduced by 10 per cent.

Aston Martin were also fined 450,000 US dollars (£388,000) for a procedural breach “because it inaccurately excluded and/or adjusted costs in the calculation of its relevant costs”.

Published: by Radio NewsHub

Written by: admin

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