Cost Cap: FIA issue ‘certificates of compliance’ to all 10 teams
5th September 2023The FIA have issued certificates of compliance to all 10 Formula 1 teams to signal all the constructors remained within the cost cap regulations.
On Tuesday, it was revealed by the FIA that the Cost Cap Administration had completed its review of the ‘reporting documentation’ submitted by the teams who competed in the 2022 Formula One world championship.
For 2022, all of the team who competed last season were required to remain within a budget of $140m (£112m). Following the audit, the administrative team found that all 10 teams had complied within the cost cap regulations.
In the statement, the FIA stated:
“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.”
This puts to bed speculation which has circulated around the paddock where a number of teams were rumoured to have breached the cost cap regulations for last year.
Last year, Red Bull Racing were placed under scrutiny by both the FIA and the public as it was found the 2022 constructors champions had breached the cost cap regulations by £1.86m in 2021, fined £6m for their failure to comply.
At the same time as Red Bull’s punishment, last season, Aston Martin were also fined £388,000 for a procedural breach but managed to avoid most of the heat.
That’s all for the article: Cost Cap: FIA issue ‘certificates of compliance’ to all 10 teams!
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Hi, I’m Kamron. I created ApexMotorsports.co.uk in the dying embers of the 2021 Formula 1 world championship. It allowed me freedom to write whatever I wanted to write about which was all things motorsports, my passion.
I have put a lot of effort in over the years to keep this website in its best shape and I’ve loved seeing the brand grow consistently, month-on-month, year-on-year. My ambition is to keep watching this brand grow into a primary outlet of news for all things motorsports whilst fueling my desire to pursue a career in sports journalism, specialising in motorsports.
Kamron Kent
Hi, I'm Kamron. I created ApexMotorsports.co.uk in the dying embers of the 2021 Formula 1 world championship. It allowed me freedom to write whatever I wanted to write about which was all things motorsports, my passion. I have put a lot of effort in over the years to keep this website in its best shape and I've loved seeing the brand grow consistently, month-on-month, year-on-year. My ambition is to keep watching this brand grow into a primary outlet of news for all things motorsports whilst fueling my desire to pursue a career in sports journalism, specialising in motorsports.
