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After the controversy surrounding Red Bull’s 2021 budget cap breach, the F1 world has been eagerly awaiting the results of the FIA’s 2022 budget cap review. Well, it’s finally here.
Red Bull’s 2021 budget cap breach has garnered huge controversy, especially after the team received what many inside and outside the paddock believe to be a very lenient penalty.
Of course, this led to a lot of speculation that there could be more teams willing to break the cap in 2022.
However, the FIA has now released the findings of its 2022 budget cap review, and they have announced that all 10 teams have complied with the cap.
“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 December 31 2022,” an FIA statement read.
“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.
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“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 governing organization also announced that it has expanded the Cost Cap Administration and will continue to do so.
“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,” the statement concluded.
