Relief for teams as FIA reveals outcome of 2022 F1 cost cap

Relief for teams as FIA reveals outcome of 2022 F1 cost cap
Image source: Crash
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Relief for teams as FIA reveals outcome of 2022 F1 cost cap

The FIA, Formula 1’s governing body, has completed its audits of all teams’ financial submissions and confirmed that all activities complied with the 2022 spending cap of $145m. This announcement puts to rest rumors that some teams had exceeded the budget cap. Last year, Red Bull was fined $7m and had a reduction in resources for breaching the 2021 rules. The FIA’s Cost Cap Administration thoroughly reviewed each competitor’s documentation and conducted on-site visits to ensure compliance with the Financial Regulations. The FIA acknowledges the importance of these regulations for the sport’s financial stability and will continue to develop and refine them based on review findings. The FIA has invested significantly in its administration to benefit the sport as a whole.

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Source: Crash.net

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