The FIA has officially confirmed that all 10 Formula 1 teams have adhered to the 2022 cost cap regulations, with no instances of overspending or procedural breaches.
These regulations required teams to operate within a budget of $140 million USD, with minor adjustments for factors like additional races and inflation.
The Cost Cap Adjudication Panel thoroughly assessed the financial submissions from all teams for the 2022 season and found no violations, contrary to previous allegations that two teams had exceeded the cap.
It’s worth noting that in the prior year, Red Bull had breached the cost cap by approximately $432,000, resulting in penalties and fines, while Williams and Aston Martin had procedural breaches but remained within the budget limit.
The official statement issued by Formula 1’s governing body states: “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.