P1racenews AI automatic summary:
The cost cap was introduced to Formula 1 in 2021 and limits how much each team can spend during a season on areas such as repairs, upgrades and much more.
Mercedes team principal Toto Wolff disclosed that the Silver Arrows narrowly approached breaching the 2024 cost cap due to multiple significant crashes late in the season. The cost cap, implemented in Formula 1 in 2021, is the maximum spending limit for each team per season, set at $135 million in 2024. Wolff asserts that while the Brackley-based team stayed within the budget, the repairs after the crashes pushed them to the limit. The team faced challenges as a result, with only limited resources available for critical aerodynamic and mechanical upgrades. Wolff acknowledged the close call but emphasized the benefits of the cost cap system, noting its role in making teams financially stable and ensuring the sustainability of the sport.
